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Prosafe rig utilisation rate bounces back, gives overview of vessel activity

© Supplied by ProsafeProsafe resignation
The Safe Zephyrus accommodation vessel

Prosafe’s rig use rate bounced back in 2021 after a “challenging” period for the offshore accommodation vessel contractor.

The company’s fleet utilisation rate in the fourth quarter of 2021 was 59.3%, more than double the level it was at in the same period in 2020 (Q4 2020: 25.0%).

And Prosafe’s fleet utilisation for 2021 was 54.5%, a dramatic increase on the previous year’s figure of 20.4% and the company’s highest utilisation rate since 2015.

Covid-19 has created a challenging macro environment for the contractor, which says it has experienced “isolated cases” in the fleet.

In all instances there has been close coordination with the client to ensure that any occurrence is dealt with promptly and effectively, Prosafe (OSLO: PRS) said.

Safety measures at workplaces and vessels to protect people and assets remain rigorously in place.

Safe Zephyrus

Safe Zephyrus was in the yard in Norway preparing for the start-up of a contract for BP in Q1 2022.

The vessel will be supporting the Seagull project at ETAP in the UK North Sea for a 10-month contract with up to four months of options.

Safe Caledonia

Safe Caledonia was operating for TotalEnergies at the Elgin platform in the UK until 29 October 2021.

Prosafe TotalEnergies © Supplied by Prosafe
Safe Caledonia

The vessel is currently alongside the Elgin platform on a standby rate and will resume operations in March 2022, taking the firm operational period through to December 2022.

Safe Boreas

Safe Boreas completed the contract for CNOOC at Buzzard in the UK on 14 October 2021.

Thereafter, the vessel was taken to yard to prepare for the ConocoPhillips contract at Ekofisk starting in Q2 2022.

The contract has a firm duration of three months and two additional one-month options.

Safe Eurus

Safe Eurus has been providing safety and maintenance support to Petrobras in Brazil since November 2019 and was in full operation in the quarter.

The contract has a firm duration until March 2023, with additional two-years of mutual optionality.

Safe Notos

Safe Notos has been operating for Petrobras in Brazil throughout the quarter. The original three-year and 222 days firm period has previously been extended through to mid-November 2021. On 5 November 2021, the contract was further extended taking the firm operational period through to mid-July 2022.

Safe Concordia

Safe Concordia commenced a 117-day contract in Trinidad and Tobago on 25 July 2021 and has been in full operation since then. The client has extended a number of options, taking the current operational period through to mid-March 2022.

Safe Scandinavia

Safe Scandinavia was idle in the quarter and is laid up in Norway.

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