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Prosafe: Mexico operations update

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Oilfield Technology,

As recently announced in Mexican media, Petróleos Mexicanos (Pemex) has been cutting spending in order to adjust their budget to an oil price of US$25/bl. Consequently, Prosafe’s Mexican client Cotemar Group (Cotemar) has been directly impacted. As earlier communicated this has so far affected three of Prosafe’s vessels.

Prosafe has now been further informed by Cotemar that by mid-March 2016, the Safe Regency will be suspended and that it is likely that the Safe Lancia also will be suspended by Pemex by mid-March 2016. Such suspensions will mean that both vessels are likely to be swiftly demobilised to a suitable lay-up location.

The Safe Britannia is currently being demobilised out of Mexico and is available for charter, while the Jasminia and the Safe Hibernia are being prepared for cold-stacking in the US.

Relying on the strong working relationship developed over 20 years, Prosafe and Cotemar continue to work proactively together to address the challenges being faced within Mexico and will be well placed to react when the market in Mexico recovers.

Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. Operating profit reached US$167 million in 2015 and net profit was US$85.6 million. The company operates globally, employs 850 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to:

 Adapted from a press release by Louise Mulhall

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