Prosafe SE : Prosafe SE: Q1 2013 results

                   Prosafe SE : Prosafe SE: Q1 2013 results

Operating profit for  the first quarter  came to USD  19 million and  netloss 
amounted to USD 0.7 million. The utilisation of the fleet was 74.4 per cent in
the first quarter. An interim dividend of NOK 0.87 per share was resolved. The
company has recently  had a  strong contract inflow  and order  backlog is  at 

(Figures in brackets refer to the corresponding period of 2012)

Operating profit for the  first quarter amounted to  USD 19 million (USD  60.6 
million). Utilisation of the fleet was 74 per cent (83 per cent).

Safe Concordia, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia and  Safe 
Regency have been on contract throughout the first quarter.

Safe Bristolia was on bareboat day rate throughout the quarter, including  the 
period in transit from Mexico to the North Sea. Expenses of approximately  USD 
2.5 million relating to preparation for the next contract for the vessel  have 
been incurred in the first quarter.

Safe Concordia is operating  on a long-term contract  in Brazil. In the  first 
quarter of 2013 the average effective day rate was approximately USD 141,000.

Safe Caledonia commenced the contract with BP at Andrew in the UK on 2 March.

Safe Scandinavia was in operation for BP at Valhall in Norway until 1 March.

After completing the  work for Woodside  in Australia at  year-end 2012,  Safe 
Astoria was demobilised at a day rate of USD 120,000 for the first 20 days  in 
January. Operating expenses for the vessel amounted to USD 2.6 million in  the 
first quarter.

Regalia was  off-hire and  at the  yard undertaking  planned maintenance  work 
during the first quarter. Two thrusters were overhauled and the forward  crane 
was replaced during the yard stay. As a consequence, the operating costs  were 
approximately USD  6 million  higher than  in normal  operation in  the  first 

Net financial expenses for the first  quarter were USD 18.6 million (USD  12.5 
million). The increase is  mainly related to  revaluation of forward  exchange 

Net loss amounted to  USD 0.7 million  (net profit of  USD 47.5 million),  and 
earnings per share were USD 0.00 (USD 0.21).

Total assets at 31 March  amounted to USD 1 459  million (USD 1 378  million), 
while the book equity ratio rose to 42 per cent (35.1 per cent) mainly due  to 
the share issue of 13 million shares completed in March. Net  interest-bearing 
debt stood at USD 608.1 million (USD 660.1 million).

The Board of Directors resolved on 14 May 2013 to declare an interim  dividend 
equivalent to USD 0.15 per share to shareholders of record as of 27 May  2013. 
The shares will trade ex-dividend on 23 May 2013. The dividend will be paid in
the form of NOK 0.87 per share on 7 June 2013.

Change in share capital
On 14 March Prosafe successfully completed  a private placement of 13  million 
new shares. The proceeds of approximately USD 130 million will be used to fund
value enhancing growth investments.

On 14 May the  annual general meeting approved  the cancellation of  Prosafe's 
own shares of 6,963,731. After the cancellation, the number of ordinary shares
in the company is 235,973,059.
Five of Prosafe's  vessels are  on bareboat  charters in  Mexico for  end-user 
Pemex. The five vessels have contracts as follows:

Safe Regency until early  August 2013, Safe  Lancia until mid-September  2013, 
Jasminia until end of October 2013, Safe Hibernia until December 2013 and Safe
Britannia until end of 2014.

Safe Bristolia commenced a contract for Total in UK in early May.

Regalia commenced a contract with Shell at Draugen in Norway on 30 April.

Safe Scandinavia commenced a contract with ConocoPhillips at Jasmine in the UK
in early April.

Safe Caledonia is currently operating for BP at Andrew in the UK.

Safe Concordia is operating on a three-year contract for Petrobras in  Brazil, 
which commenced in the second quarter of 2011.

Safe Astoria is currently off-hire. The vessel is located in Batam, Indonesia.

2013 has so far showed a strong order inflow, with substantial contracts being
awarded both in the North  Sea and in Mexico. There  are still tenders in  the 
pipeline and there  should be  potential for  further contract  awards in  the 
coming months.

The positive  development is  driven by  a combination  of a  strong focus  on 
increased oil  recovery from  existing  fields and  a  growing number  of  new 
developments, particularly in Norway.

Prosafe is the world's leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 222.4 million in 2012
and net profit was USD 177.5 million. The company operates globally,
employs550 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

Attachments: Q1 2013 report, Q1 2013 presentation

Larnaca, 14 May 2013
The Board of Directors of Prosafe SE
Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: +47 51 64 25 81

Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673

Cecilie Helland Ouff, Finance and IR Manager
Prosafe AS
Phone: +4751 64 25 20 / +47 991 09467

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

Q1 2013 presentation
Q1 2013 report


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information contained therein.

Source: Prosafe SE via Thomson Reuters ONE
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