Prosafe SE: Operational update for Q2 2012
Rig utilisation in the second quarter of 2012 was 78 per cent. Regalia, Safe
Concordia, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia, Safe Regency
and Safe Bristolia have been on contract throughout the second quarter.
The dayrate for Safe Concordia, which is working on a long-term contract in
Brazil, is subject to monthly adjustments based on currency exchange movements.
In the second quarter, the average effective dayrate was USD 141,000. Cost
inflation continues to be steep in Brazil and operating expenses are now in the
range of USD 80,000 to 90,000 per day. This includes USD 12,000 per day of
amortized contract related investments.
Safe Scandinavia commenced operation for ConocoPhillips at Eldfisk in Norway on
28 April and was in full operation in May and June. The operating expenses for
Safe Scandinavia were USD 1 to 1.5 million higher than normal in the second
quarter due to a shorter yard stay in April and extraordinary maintenance
After completing the work at Eldfisk on July 1, Safe Scandinavia will operate
for BP at Valhall in Norway instead of the planned work f or Conoco Phillips in
the UK sector. The operating period and the net contribution remain unchanged.
Regalia operated at Yme throughout the second quarter. The rig had an average
dayrate in the quarter of USD 273,000.
Safe Astoria remained at the yard in the beginning of the quarter, before
starting operations in Australia in May. The rig was on mobilisation dayrate
from 5 May, until it received full dayrate from 25 May. Approximately USD 2
million of expenses were incurred ahead of contract commencement in connection
with yard and preparation work.
Safe Esbjerg was idle in the second quarter. Some additional maintenance and
repair work has been done and operating expenses totalled around USD 3.5 million
in the quarter.
Safe Caledonia was at the yard throughout the quarter undertaking a life
Prosafe is the world's leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 192.3 million in 2011.
The company operates globally, employs 550 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 www.prosafe.com.
Larnaca, 24 July 2012
Georgina Georgiou, General Manager
For further information, please contact:
Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: +47 908 81 657
Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: + 47 909 43 673
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.