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Prosafe SE (PRSO.OL)

PRSO.OL on Oslo Stock Exchange

9.60NOK
15 Dec 2017
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Latest Key Developments (Source: Significant Developments)

Prosafe extends standstill deal with Cosco​
Thursday, 7 Dec 2017 12:59am EST 

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 10:18am EDT 

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 02:00am EDT 

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 12:59am EDT 

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

Prosafe Q2 fleet utilisation rate was 38.5 pct
Monday, 7 Aug 2017 12:58am EDT 

Aug 7 (Reuters) - Prosafe Se :Fleet utilisation rate in Q2 of 2017 was 38.5 percent.Prosafe remains in negotiations with Cosco and related parties for a workable commercial solution for Safe Nova and Safe Vega.  Full Article

Prosafe Q1 EBITDA $30.8 million below forecast
Thursday, 11 May 2017 12:55am EDT 

May 11 (Reuters) - Prosafe Se :q1 net result $-19.1 million (Reuters poll $-14.2 million).q1 ebitda $30.8 million (Reuters poll $32.7 million).Further scrapping and industry restructuring will be required in addition to activity increase, for offshore accommodation market to recover.The market remains generally soft and current accommodation activity is predominantly related to hook-up and commissioning work. Market improvement will require the maintenance and modification part of the market to return.After several years of sharp decline in the global E&P spending, the company now sees market expectations of only moderate E&P capex reduction in 2017 and an increase in 2018/2019.  Full Article

Prosafe wins $51-53 mln contract with Statoil at Sverdrup
Wednesday, 26 Apr 2017 12:58am EDT 

April 26 (Reuters) - Prosafe Se :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.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.Value of contract firm period will be between musd 51 and musd 53 including fuel, mobilisation and demobilisation depending on scenario nominated.Revenue generated from provision of catering services is in excess of total value.  Full Article

Prosafe's Q1 fleet utilisation was 40 per cent
Friday, 21 Apr 2017 12:59am EDT 

April 21 (Reuters) - Prosafe Se :Fleet utilisation rate in Q1 of 2017 was 40 per cent.Regalia, Safe Bristolia, Safe Astoria and Safe Regency were idle in the quarter.Safe Regency is laid up in Curaçao and the company has taken the decision to sell the vessel for scrap in the near term.The Safe Eurus is in a preserved, strategic stacking mode with COSCO (Qidong) Offshore Co., Ltd. (COSCO) in China.Prosafe remain in negotiations with COSCO and related parties for a workable commercial solution for Safe Nova and Safe Vega.If no agreement is reached, Prosafe has the right to claim cancellation of the newbuilding contracts due to delay and claim repayment of the instalment paid including interest of approx. USD 60 million secured by a refund guarantee from Bank of China.  Full Article

Prosafe's acting CEO bought 26,500 shares
Friday, 10 Feb 2017 05:44am EST 

Prosafe Se : Acting CEO Stig Christiansen has today purchased 26,500 shares in Prosafe se at an average price of NOK 37.5468 per share .Christiansen's total shareholding in Prosafe SE is 26,500 shares.  Full Article

Prosafe appoints Jesper Kragh Andresen as its new CEO
Thursday, 9 Feb 2017 01:02am EST 

Prosafe SE : Says Jesper Kragh Andresen, former CEO of Axis Offshore, was appointed its new Chief Executive Officer (CEO) . Says Stig H. Christiansen was appointed as deputy CEO and chief financial officer (CFO) . Prosafe says Georgina Georgiou will continue as general manager of parent company Prosafe SE . Says further cost measures are being implemented during 2017 . Says the company will now focus even more toward external market and on improving supply side of industry . The new organisation will be effective 1 March 2017 .Prosafe owns and operates semi-submersible accommodation rigs.  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)​