Prosafe SE: Operational Update - February 2024

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February 20, 2024 2:00 AM EST

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Fleet utilization for January 2024 was 56.8 percent.

Safe Notos and Safe Zephyrus had utilization of 100 percent in January. Safe Concordia was also fully utilized in the month with exception of a 5% discount on day rate due to a crane issue. Safe Concordia returned to full day rate post repair on 01 February 2024.

Safe Eurus had utilization of 97.4 percent in January. After SPS in November / December 2023, Safe Eurus resumed operation on 01 January 2024 and was fully utilized thereafter.

Safe Caledonia is laid up at Scapa Flow in the UK pending future work.

Safe Boreas and Safe Scandinavia are laid up in Norway pending future work.

Prosafe continues to experience an increase in enquiries from clients and is optimistic that there will be additional tenders and/or direct awards in the North Sea during Q1 and Q2 2024 with a focus on 2025 onwards.

Prosafe expects further tenders in Brazil from Petrobras and other operators with contract commencements from end 2024 onwards. Prosafe also sees increased activity in other regions for 2025 and beyond, including Australia and West Africa, which should lead to a further tightening of supply.

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to https://www.prosafe.com

Stavanger, 20 February 2024

Prosafe SE

For further information, please contact:

Terje Askvig, CEO

Phone: +47 952 03 886

Reese McNeel, CFO

Phone: +47 415 08 186

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