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Prosafe SE (PRSO.OL)

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Latest Key Developments (Source: Significant Developments)

Prosafe extends standstill deal with Cosco​
Thursday, 7 Dec 2017 

Dec 7 (Reuters) - Prosafe Se ::PROSAFE EXTENDS STANDSTILL AGREEMENT WITH COSCO.‍CONTINUES TO WORK WITH COSCO (QIDONG) OFFSHORE CO. LTD (COSCO) TO FIND A COMPREHENSIVE COMMERCIAL SOLUTION FOR THREE PROSAFE VESSELS THAT CURRENTLY RESIDE IN COSCO'S QIDONG SHIPYARD​.‍SAFE EURUS IS IN A PRESERVED, STRATEGIC STACKING MODE AND NEGOTIATIONS CONTINUE WITH COSCO TO FIND A WORKABLE COMMERCIAL SOLUTION​.‍STANDSTILL AGREEMENT BETWEEN PROSAFE AND COSCO RELATED TO SAFE NOVA AND SAFE VEGA HAS RECENTLY BEEN EXTENDED UNTIL 20 APRIL 2018​.  Full Article

Prosafe CEO buys shares in firm
Friday, 3 Nov 2017 

Nov 3 (Reuters) - PROSAFE SE :PROSAFE SE: CEO PURCHASES SHARES IN PROSAFE SE.JESPER KRAGH ANDRESEN, CEO HAS ON 3 NOVEMBER PURCHASED 32,476 SHARES IN PROSAFE SE AT AN AVERAGE PRICE OF NOK 14.4356 PER SHARE.​.  Full Article

Prosafe Q3 EBITDA weaker than expected, guidance unchanged
Thursday, 2 Nov 2017 

Nov 2 (Reuters) - Prosafe Se :Prosafe q3 ebitda $‍27.6​ million (Reuters poll $31.5 million).Prosafe q3 revenue $‍68.9​ million (Reuters poll $72.6 million).‍Says due to a continued weak market outlook an impairment charge has been made to q3 accounts.Impairment amounts to usd 609 million, out of which.USD 226.7 million relates to goodwill which has been fully impaired. The remaining USD 382.3 million relates to the vessels.​.Prosafe net interest bearing debt $‍1,139.8​ million at end-q3 versus $1,135 million at end-q2.Says despite positive signals like oil price development, reduced break even levels across industry and oil companies returning to cash positive positions, activity pick-up is slower than expected.‍As a result prosafe anticipates a continued volatile market for foreseeable future.Repeats EBITDA and capex guidance for 2017​.  Full Article

Prosafe's fleet utilisation was 38.9 pct in Q3
Thursday, 19 Oct 2017 

Oct 19 (Reuters) - Prosafe Se :Prosafe se says ‍fleet utilisation rate in Q3 of 2017 was 38.9 per cent (Q3 2016 52 per cent)​.Standstill agreement between prosafe and cosco relating to safe nova and safe vega has been extended until december 2017. Prosafe remains in negotiations with cosco and related parties to find a workable commercial solution for these vessels.If an agreement is not reached, Prosafe has the right to cancel the Safe Nova and Safe Vega newbuilding contracts due to delay and claim a refund of the instalments plus interest equal to approx. USD 60 million secured by Bank of China​.  Full Article

Rig accommodation firm Prosafe sees lower demand, Q2 earnings in line
Thursday, 24 Aug 2017 

Aug 24 (Reuters) - PROSAFE SE >:PROSAFE Q2 EBITDA $24.4 MILLION (REUTERS POLL $23.1 MILLION).CONTINUED LOW OIL PRICES AND CAUTIOUS E&P SPENDING ARE INDICATING THAT ACTIVITY LEVELS MAY STAY LOWER FOR LONGER THAN PREVIOUSLY EXPECTED.CONSEQUENTLY NEAR TERM MARKET ACTIVITY IN TERMS OF BIDDING HAS REDUCED.PROSAFE NET INTEREST BEARING DEBT $1,134.8 MILLION AT END-Q2 VERSUS $1,134 MILLION AT END-Q1.HOWEVER PROSPECT LIST WITH A THREE-YEAR LOOK-OUT REMAINS AT A RELATIVELY HIGH LEVEL.  Full Article

Rig firm Prosafe increases revenues in Q2, market outlook remains uncertain
Wednesday, 24 Aug 2016 

: Rig operator Prosafe says revenues for q2 of 2016 were usd 115.4 million (usd 92.5 million in Q2 2015) . Prosafe says q2 operating profit was usd 32.5 million (usd 22.8 million in Q2 2015) . Prosafe says q2 net profit usd 5.2 million (usd 12.2 million in Q2 2015) . The fleet utilisation rate in the second quarter of 2016 was 41 per cent (58 per cent in Q2 2015) . Says the increase in revenues reflect that high day rate units have been on contract during the second quarter this year as opposed to last year. This has been partly offset by the closure of the Gulf of Mexico contracts which generated relatively low day rates . Prosafe says market outlook remains uncertain in near term, and although there are a number of prospects, 2017 is expected to be low point in activity level . Prosafe says combined with continued focus on asset integrity and maintenance on offshore installations, company expects a gradual market recovery from 2018 onwards . Prosafe says has scrapped 3 vessels and it anticipates that other suppliers' vessels will be scrapped, on this basis it expects a more balanced market by 2020 . Prosafe says group's target remains to reduce annual costs by at least usd 30 to 40 million . Prosafe says the ongoing refinancing was approved by the requisite majorities in the Company's bond loans on 12 August 2016.  Full Article

Prosafe says may raise cash, delay rig delivery, cut capex
Wednesday, 1 Jun 2016 

Prosafe Se : Remains in constructive dialogue with its key stakeholders for purpose of improving company's financial situation . Says is evaluating, together with its advisors, different options that will secure a robust solution and sufficient runway for the Company throughout 2020, which may include a deleveraging of the balance sheet . Anticipates that company will deliver an ebitda in 2016 of between usd 170 mill and usd 220 mill and an ebitda in 2017 of between usd 110 and usd 140 mill depending on the outcome of certain contractual discussions with counterparties . Currently anticipates that a solution is within reach during summer . Continues work to optimise its operating model, fleet composition and fleet utilization, as well as cost and spend levels . current discussions are based on a balanced solution involving new capital, amortization relief and covenant ease from the senior lenders and conversion (equitization) of all or parts of the outstanding unsecured bond debt .working to find an amicable solution regarding the delivery of the Safe Eurus to better fit its contractual obligations and to reduce actual 2016 capex compared to the USD 700 million guiding.  Full Article

Prosafe says to present updated financial plan in Q2
Thursday, 12 May 2016 

Prosafe Se : Q1 operating profit $21.9 million (reuters poll loss $13 million) . Q1 net loss $1.8 million (reuters poll loss $27 million) . Prosafe se says despite a recent increase in oil price, general market uncertainty remains and bidding activity is low . Prosafe se says therefore maintains a cautious view in near and medium term and anticipate a possible upturn from 2018 . Utilisation of fleet was 37 per cent in q1 of 2016 (80 per cent in q1 of 2015) . Prosafe se says is currently working with stakeholders and advisors to evaluate alternatives to improve financial situation . Prosafe se says company has obtained a reduced minimum liquidity bank covenant of usd 20 million until end of q3 2016 . Prosafe se says this temporary reduced level is applicable to both usd 1.3 billion facility and usd 288 million newbuild facility . Says will utilize 2nd skipped payment option that was granted by banks in previous amendment process closed around year end 2015 . Prosafe se says further amendments to bank and bond agreements will, however, be required in order to secure a robust financial foundation and to safeguard and further strengthen prosafe's market leading position in industry .Prosafe se says dialogue is constructive and company intends to communicate its updated financial plan during q2 of 2016.  Full Article

Prosafe says Safe Boreas commenced job for Talisman Sinopec​
Friday, 18 Mar 2016 

Prosafe SE:Reference is made to the press release dated Aug. 17, 2015‍.Prosafe has agreed with Talisman Sinopec Energy UK Limited to provide safe boreas for entire firm period of over eight months plus options.‍Total value of firm hire duration remains at about $60 million.The Safe Boreas commenced operations at Montrose mid-March 2016 and will also gangway connect to Montrose BLP throughout the contract duration​.  Full Article

Prosafe says Rig contract suspended by Cotemar
Monday, 7 Mar 2016 

Prosafe SE:As recently announced in Mexican media, Petróleos Mexicanos (Pemex) has been cutting spending in order to adjust their budget to an oil price of $25 per barrel.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, the Safe Regency will be suspended and that it is likely that the Safe Lancia also will be suspended by Pemex by mid-March.Such suspensions will mean that both vessels are likely to be swiftly demobilized to a suitable lay-up location.The Safe Britannia is currently being demobilized out of Mexico and is available for charter, while the Jasminia and the Safe Hibernia are being prepared for cold-stacking in the US.  Full Article

BRIEF-Prosafe's fleet utilisation was 38.9 pct in Q3

* Prosafe se says ‍fleet utilisation rate in Q3 of 2017 was 38.9 per cent (Q3 2016 52 per cent)​