Prosafe SE: Mexico operations update

As recently announced in Mexican media, Petróleos Mexicanos ("Pemex") has been cutting spending in order to adjust their budget to an oil price of USD 25 per barrel. Consequently, Prosafe's Mexican client Cotemar Group ("Cotemar") has been directly impacted. As earlier communicated this has so far affected three of Prosafe's vessels. 

Prosafe has now been further informed by Cotemar that by mid-March 2016, the Safe Regency will be suspended and that it is likely that the Safe Lancia also will be suspended by Pemex by mid-March 2016. Such suspensions will mean that both vessels are likely to be swiftly demobilized to a suitable lay-up location.

The Safe Britannia is currently being demobilized out of Mexico and is available for charter, while the Jasminia and the Safe Hibernia are being prepared for cold-stacking in the US.

Relying on the strong working relationship developed over 20 years, Prosafe and Cotemar continue to work proactively together to address the challenges being faced within Mexico and will be well placed to react when the market in Mexico recovers.

Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. Operating profit reached USD 167 million in 2015 and net profit was USD 85.6 million. The company operates globally, employs 850 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, 7 March 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer

Prosafe Management AS

Phone: + 47 51 64 25 00

Stig Harry Christiansen, Chief Financial Officer

Prosafe Management AS

Phone: +47 51 64 25 17

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20

 

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