Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Prosafe sees rig rate fall, continues Cosco talks

Prosafe's Safe Bristolia
Prosafe has made a $7million provision after lifeboats were damaged

Prosafe today reported its fleet utilisation rate in the fourth quarter of 2017 was 36.1%

The figure is down from last year’s rate of 43%. It’s rate for the year was 38.4% (2016: 43$).

The Safe Scandinavia Tender Support Vessel (TSV) was fully contracted in the quarter for Statoil at Oseberg East with a firm contract period until the end of June 2018.

Safe Caledonia commenced a contract for Total in the UK in mid-May 2017 and was on contract until late October 2017. The vessel is now laid-up in the UK.

Safe Notos commenced a three-year and 222-day contract for Petrobras on 7 December 2016 and was fully contracted in the quarter.

Safe Boreas commenced a 13-month contract for Statoil at the Mariner installation in the UK in early August. In addition, Statoil can exercise six one-month options for Safe Boreas. The vessel was fully contracted in the quarter.

Safe Concordia, Safe Zephyrus, Regalia, Safe Bristolia and Safe Astoria were idle in the quarter. Safe Concordia is laid-up in Curacao. Safe Zephyrus, Regalia and Safe Bristolia are laid-up in Norway, while Safe Astoria is laid-up in Indonesia.

Safe Zephyrus has a 12-month firm contract with Statoil with commencement mid-May 2018.

Prosafe continues to work with COSCO (Qidong) Offshore Co. Ltd (COSCO) to find a workable commercial solution for the three completed vessels that currently reside in COSCO’s Qidong shipyard in China.

The Safe Eurus is in a preserved, strategic stacking mode and negotiations continue with COSCO to find a workable commercial solution. Consistent with previous quarters, the company has accrued for lay-up cost for Safe Eurus, 50% of such cost to be paid on delivery and the remaining 50% after delivery, in accordance with the agreement with COSCO.

The standstill agreement between Prosafe and COSCO relating to Safe Nova and Safe Vega has recently been extended until 20 April 2018. Prosafe remains in negotiations with COSCO and related parties for these vessels. If no agreement is reached, Prosafe has the right to cancel the new-build contracts for Safe Nova and Safe Vega due to delay, and claim repayment of the instalments paid including interest of approx. $60million in total. The repayment claim is secured by a refund guarantee from Bank of China.

Separately,court proceedings in the Westcon dispute regarding the TSV Safe Scandinavia commenced on 22 August 2017. The ruling is expected by early March 2018.

Recommended for you

Tags

More from Energy Voice

Latest Posts