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GlobeNewswire (Europe)
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Prosafe SE: Operational update Q2 2016

The fleet utilisation rate in the second quarter of 2016 was 41 per cent.

Safe Boreas commenced the contract with Talisman Sinopec in the UK mid-March and was fully contracted throughout the quarter.

Safe Zephyrus was delivered from the yard in the first quarter of 2016 and received Acknowledgement of Compliance from the Petroleum Safety Authority Norway (PSA) in July. The vessel commenced a contract with Det norske in Norway late July.

Safe Scandinavia Tender Support Vessel ('TSV') commenced a contract with Statoil in Norway mid-March. Drilling support operations successfully commenced at the beginning of April with a firm contract period through until July 2018.

Regalia commenced a contract with Shell in the UK late May.

Safe Concordia and Safe Caledonia were fully contracted in the quarter.

Safe Bristolia commenced a contract with BG Group mid-May in the UK for a two-month firm period. This contract has been completed and the vessel is now laid-up in Norway.

Safe Notos was delivered from COSCO, (Qidong) in the first quarter of 2016 and is in transit to Brazil to perform the contract with Petrobras. The vessel is expected to arrive in Brazil early in the fourth quarter of 2016. The extended Safe Notos contract is now three years plus 222 days and the total contract value is USD 189 million.

Safe Astoria was idle in the quarter and is cold-stacked in Batam, Indonesia.

Safe Lancia is cold stacked in Port Isabel, Texas, USA. The company incurred off-hire and demobilisation costs as well as costs related to the removal of thrusters on the vessel in the second quarter.

Safe Regency has transited from Aruba and is now preparing for lay-up in Curacao. The company incurred off-hire costs for the vessel in the second quarter.

In June 2016, Safe Britannia was sold for scrap/recycling in the US. The company incurred off-hire and demobilisation costs in the quarter until the vessel was sold.

In August 2016, Jasminia and Safe Hibernia were sold for scrap/recycling in the US. The company incurred lay-up and demobilisation costs in the quarter.

Safe Notos and Safe Zephyrus are not included in the second quarter utilisation ratio above.

Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com (http://www.prosafe.com/)

Larnaca, 12 August 2016
Georgina Georgiou, General Manager
Prosafe SE


For further information, please contact:

Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +47 51 64 25 17 / +47 478 07 813

Robin Laird, Acting CFO
Prosafe Offshore Services Pte Limited
Phone: +65 65 59 19 90 / +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 51 64 25 20



This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.



This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Prosafe SE via Globenewswire

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