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Prosafe provides operational update 3Q 2016

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Oilfield Technology,

The fleet utilisation rate in the third quarter of 2016 was 52%. Safe Notos, Jasminia and Safe Hibernia are not included in the third quarter utilisation ratio.

Safe Boreas continued the contract with Repsol Sinopec (formerly Talisman Sinopec) in UK and was in full operation throughout the quarter. Repsol Sinopec has exercised the first 14 day option at a discounted day rate, extending the contract at Montrose into December.

Safe Zephyrus commenced the contract with Det norske in Norway late July and was in operation throughout August and September.

Safe Scandinavia Tender Support Vessel (TSV) and Safe Concordia were fully contracted in the quarter with Statoil and Petrobras, respectively.

Regalia operated for Shell in the UK from beginning of August until mid-October.

Safe Caledonia completed her operation for BP in August and the vessel has been laid-up in UK since then.

Safe Bristolia is cold-stacked in Norway after completion of a two month contract with BG Group late July.

Safe Notos remains in transit to Brazil and is scheduled to commence a contract with Petrobras late November.

Safe Astoria, Safe Lancia and Safe Regency were idle in the quarter. Safe Astoria is cold-stacked in Batam, Indonesia. Safe Lancia is cold-stacked in Port Isabel, Texas USA and Safe Regency is laid-up in Curaçao.

In August 2016, Jasminia and Safe Hibernia were sold for scrap/recycling in the USA.

The company incurred non-recurring costs related to the refinancing and reorganisation activities in the quarter.

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.

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