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Prosafe SE : Prosafe SE: Second quarter 2013 results

             Prosafe SE : Prosafe SE: Second quarter 2013 results

Operating profit  for the  second quarter  came to  USD 83.2  million and  net 
profit amounted to USD 54.9 million. The  utilisation of the fleet was 84  per 
cent in the  second quarter. An  interim dividend  of NOK 0.89  per share  was 
resolved. The global market for offshore accommodation vessels remains  robust 
and Prosafe is confident that further contracts will be entered into over  the 
coming months.

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

Second quarter

Utilisation of the fleet was 84 per cent (78 per cent) in the second  quarter. 
Operating profit amounted to USD 68.7 million (USD 49.8 million).

Safe Caledonia, Safe  Concordia, Safe  Lancia, Jasminia,  Safe Hibernia,  Safe 
Britannia and Safe Regency were on contract throughout the quarter.

Safe Concordia is operating on a  long-term contract in Brazil. In the  second 
quarter, the average effective day rate was approximately USD 144 000.

Safe Scandinavia commenced the contract  with ConocoPhillips at Jasmine in  UK 
on 6 April, and has been in operation since then.

Regalia commenced operation  for Shell at  the Draugen field  in Norway on  30 
April, and was  in operation throughout  May and  June. Due to  the yard  stay 
before contract commencement,  operating expenses in  the second quarter  were 
approximately USD 2 million higher than in normal operation.

Safe Bristolia commenced the contract for Elf Exploration UK on 3 May. Due  to 
the yard stay  and preparation  for contract  commencement in  the North  Sea, 
operating expenses in the  second quarter were  approximately USD 4.5  million 
higher than in normal operation.

Safe Astoria remained idle throughout the quarter.

Net financial costs declined to USD 12.5 million (USD 13.3 million).  Interest 
costs were lower  mainly due  to lower  interest rates  and capitalisation  of 
interest costs relating to the new build projects.

Net profit amounted to USD 54.9  million (USD 35.9 million), corresponding  to 
diluted earnings per share of USD 0.24 (USD 0.16).

Total assets at 30 June amounted to USD 1 502.9 million (USD 1 389.8 million),
while the  book  equity  ratio rose  to  44  per cent  (34.7  per  cent).  Net 
interest-bearing debt stood at USD 651 million (674 million).

Dividend
On 21  August 2013,  the Board  of Directors  resolved to  declare an  interim 
dividend equivalent to USD 0.15 per share  to shareholders of record as of  30 
August 2013. The shares will trade ex-dividend on 28 August 2013. The dividend
will be paid in the form of NOK 0.89 per share on 11 September 2013.

Outlook
Five of Prosafe's vessels are on bareboat charters in Mexico for ultimate  use 
by Pemex.  The five  vessels  have contracts  as  follows; Safe  Lancia  until 
mid-September 2013,  Jasminia  until  end-October 2013,  Safe  Hibernia  until 
December 2013, Safe Regency until end-March 2014 and Safe Britannia until  end 
of 2014.

On 30 April,  Regalia commenced a  180-day contract with  Norske Shell at  the 
Draugen  facility,  Norway.  Shell  recently  exercised  a  one-month  option, 
extending the  contract  throughout October  2013.  In addition,  Prosafe  has 
granted Shell an additional 14-day  extension option. After completion of  the 
contract, the vessel will undergo an upgrade and a five-year special  periodic 
survey (SPS), before  commencing on  a contract  with Statoil  in Norway  next 
year.

Safe Bristolia commenced a 173-day contract with Elf Exploration in the UK  on 
3 May.

After completion  of the  current  contract with  ConocoPhillips in  UK,  Safe 
Scandinavia will undergo an upgrade/life  extension project together with  the 
five-year SPS, before  commencing on a  contract with Statoil  in Norway  next 
year.

Safe Caledonia is operating  for BP in  the UK sector of  the North Sea  until 
end-March next year. Thereafter, the vessel  will operate for Nexen in the  UK 
sector of  the North  Sea. The  contract with  Nexen has  been extended  to  a 
330-day contract at a day rate of USD 235 000.

In Brazil, Safe Concordia is operating for Petrobras on a contract until  June 
2014.

Safe Astoria is currently  idle and is  at the yard  in Batam, Indonesia.  The 
vessel has  a  contract  with  a  minimum duration  of  11  months  for  Shell 
Philippines, commencing June/July 2014.

Driven by  a combination  of  maintenance and  modification projects  and  new 
developments, the market for offshore accommodation in the North Sea has  been 
growing in recent years, and the demand outlook remains strong. The  tendering 
activity was  at a  high  level in  the first  half  of the  year, and  it  is 
anticipated to be somewhat lower in the second half.

In Brazil and  Mexico, there  are a number  of opportunities  and tenders  for 
long-term requirements, mainly driven by maintenance and improved oil recovery
(IOR) projects.  However,  particularly in  Brazil,  the number  of  potential 
suppliers has increased and competition is strong.

In summary,  the  global market  for  offshore accommodation  vessels  remains 
robust. With a  number of bids  still outstanding, Prosafe  is confident  that 
further contracts will be entered into over the coming months.

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,
employs570 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.

Attachments: Q2 2013 report, Q2 2013 presentation

Larnaca, 22 August 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, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 991 09467

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

Q2 2013 presentation
Q2 2013 report

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Source: Prosafe SE via Thomson Reuters ONE
HUG#1724353
 
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