Rig utilisation in the first quarter of 2008 increased to 87% from 86% in the fourth quarter of 2007. However, this increase is slightly lower than previously forecasted as both MSV Regalia and Safe Scandinavia were impacted by bad weather in the North Sea during the mobilisations to their next contracts with Aker Kvaerner and Statoil respectively. These contracts commenced in the first week of February and third week of March respectively.
Further, a combination of delays due to late arrival of the heavy lift tow vessel in Singapore and bad weather encountered during the transit to the North Sea has resulted in Safe Bristolia commencing operations in early April as compared to the previous forecast of mid-March.
All other vessels have been fully utilised in the quarter as forecasted.
Prosafe is the world's leading owner and operator of semi-submersible service rigs and a major owner and operator of floating production and storage vessels. Operating profit reached USD 222.2 million in 2007. The company operates globally, employs approx. 1,400 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.
Larnaca, 10 April 2008
Prosafe SE
For further information please contact:
Arne Austreid, President and CEO
Phone no: +357 246 21 746 / +357 992 75 030
Karl Ronny Klungtvedt, Exec. Vice President and CFO
Phone no: +357 2462 1982 / +357 996 88 169