Statoil Petroleum AS ("Statoil") has awarded Prosafe a contract for the provision of the Safe Zephyrus semi-submersible accommodation vessel for Phase 1 of the Johan Sverdrup hook-up and commissioning project in the Norwegian sector of the North Sea.
The contract duration will be one of three scenarios available to Statoil for nomination in early August 2017; either a 12 month firm period from late Q2 2018, or a 12 month firm period from late Q3 2018 with 4 months of options, or lastly 5 months firm from late Q2 2018 plus 6 months of options and 4 months firm from Q2 2019 plus 4 months of options. The value of the contract firm period will be between MUSD 51 and MUSD 53 including fuel, mobilisation and demobilisation depending on the scenario nominated. Revenue generated from the provision of catering services is in excess of the total value.
The contract will provide longevity of operations for the Safe Zephyrus and generate a firm cash flow in a soft market. The combination of building order book and longevity with the retained optionality from other vessels in the fleet represents a balanced situation for Prosafe.
Johan Sverdrup is the largest discovery on the Norwegian continental shelf in recent history, and Prosafe is pleased to work with Statoil and its partners on this significant project. Prosafe was selected by Statoil due to the company's proven track record with safe and efficient operations, the quality of the Safe Zephyrus and the commercial proposal offered. The Safe Zephyrus is one of the most advanced accommodation semi-submersible vessels in the world, capable of ensuring the best operability through high gangway connectivity in the harshest of environments whilst providing a total of 450 beds. Jesper Kragh Andresen, Prosafe CEO states "Prosafe regard this contract award as a significant milestone and we are ready to deliver the highest quality of vessel and service. Statoil is a key client and this was a very important contract for the company to win and we anticipate that this will position the Safe Zephyrus well for any additional work at the Johan Sverdrup development."
Prosafe is a 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
Larnaca, 26 April 2017 Georgina Georgiou, General Manager Prosafe SE For further information, please contact:
Jesper K. Andresen, CEO Prosafe Management AS Phone: +47 51 64 25 30 / +47 907 65 155
Stig Harry Christiansen, Deputy CEO and CFO Prosafe Management AS Phone: +47 51 64 25 17 / +47 478 07 813 Cecilie Helland Ouff, Senior Manager Finance and Investor Relations Prosafe AS Phone: +47 51 64 25 20 / +47 991 09 467
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
