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Prosafe SE (PRSO.OL)

PRSO.OL on Oslo Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Prosafe wins Equinor rig contract extension
Monday, 24 Sep 2018 

Sept 24 (Reuters) - Prosafe Se ::PROSAFE SE: EQUINOR EXTENDS SAFE BOREAS AT MARINER.TOTAL VALUE OF EXTENSION COMMENCING EARLY NOVEMBER 2018 IS APPROXIMATELY USD 45 MILLION.EXTEND SAFE BOREAS AT MARINER PROJECT IN UK SECTOR OF NORTH SEA BY EIGHT MONTHS FROM NOVEMBER 2018 UNTIL JUNE 2019. IN ADDITION, EQUINOR HAS UP TO SIX MONTHS OF OPTIONS.  Full Article

Prosafe: Q2 fleet utilisation rate rises to 45.8 pct
Wednesday, 8 Aug 2018 

Aug 8 (Reuters) - Prosafe SE ::FLEET UTILISATION RATE IN Q2 OF 2018 WAS 45.8 PER CENT (Q2 2017: 38.5 PER CENT)..  Full Article

BRIEF-Prosafe in deal with Cosco, lenders for rig deliveries, financing
Friday, 3 Aug 2018 

Fixes spelling error in headline:RESHAPING PROSAFE - TRANSFORMING AGREEMENTS WITH COSCO FOR THREE NEWBUILDS AND WITH LENDERS FOR ENHANCED FINANCIAL RUNWAY.HAS REACHED AGREEMENTS WITH COSCO AND ITS LENDERS WHICH WILL TRANSFORM COMPANY'S FLEET, MARKET POSITION AND EARNINGS POTENTIAL, AND SECURE A SIGNIFICANTLY ENHANCED FINANCIAL RUNWAY.SIGNED AN AGREEMENT ("AGREEMENT") ALLOWING FOR FLEXIBLE DELIVERY AND LONG-TERM FINANCING OF SAFE EURUS, SAFE NOVA AND SAFE VEGA.FLEXIBLE OPTION FOR DELIVERY OF UNITS OVER A PERIOD OF UP TO 5 YEARS.A DIRECT DISCOUNT OF USD 55 MILLION TO COMBINED ORIGINAL CONTRACT PRICE FOR UNITS.NO PAYMENT OBLIGATIONS UNTIL DELIVERY. TOTAL REMAINING CASH PAYMENTS OF USD 100 MILLION COMBINED FOR THREE UNITS AS THEY ARE DELIVERED.LONG-TERM FINANCING FROM COSCO OF APPROX. USD 431 MILLION IN TOTAL FOR A PERIOD OF BETWEEN 5 AND 10 YEARS FROM DELIVERY OF EACH UNIT.REPAYMENT OF YARD FINANCE (PROMISSORY NOTES) AND INTEREST RATES LINKED TO FUTURE EARNINGS AND DAY RATES ACHIEVED.COSCO WAIVING ACCRUAL OF LAY-UP COSTS OF UP TO USD 24 MILLION FOR SAFE EURUS ON DELIVERY OF SUCH UNIT. NO LAY-UP COSTS FOR SAFE NOVA AND SAFE VEGA.50/50 PROFIT SPLIT (ON ADJUSTED EBITDA BASIS - 'EBITDA') BETWEEN COSCO AND PROSAFE.OUTSTANDING CONDITIONS PRECEDENT AND FINAL APPROVALS FOR AGREEMENT ARE EXPECTED TO BE CONFIRMED WITHIN AUGUST.PROSAFE ACHIEVES COMMERCIAL FLEXIBILITY TO TAKE UNITS TO MARKET AS OPPORTUNITIES MATERIALISE IN YEARS AHEAD.  Full Article

Prosafe extends standstill agreement with COSCO
Thursday, 26 Jul 2018 

July 26 (Reuters) - Prosafe SE ::REG-PROSAFE SE: PROSAFE EXTENDS STANDSTILL AGREEMENT WITH COSCO.CAN CLAIM REPAYMENT OF INSTALMENTS PAID INCLUDING INTEREST OF APPROX. USD 60 MILLION IN TOTAL, SECURED BY A REFUND GUARANTEE FROM BANK OF CHINA..MEANWHILE SAFE EURUS IS IN A PRESERVED, STRATEGIC STACKING MODE WITH COSCO. VESSEL MUST BE DELIVERED BEFORE END 2019..  Full Article

Prosafe extends standstill agreement with Cosco
Friday, 29 Jun 2018 

June 29 (Reuters) - Prosafe SE ::PROSAFE EXTENDS STANDSTILL AGREEMENT WITH COSCO.PARTIES HAVE AGREED TO EXTEND STANDSTILL AGREEMENT RELATED TO SAFE NOVA AND SAFE VEGA UNTIL 27 JULY 2018.IF NO AGREEMENT IS REACHED, PROSAFE HAS RIGHT TO CLAIM CANCELLATION OF NEWBUILD CONTRACTS DUE TO DELAY, AND CLAIM REPAYMENT OF INSTALLMENTS PAID INCLUDING INTEREST OF APPROX. USD 60 MILLION IN TOTAL.MEANWHILE THE SAFE EURUS IS IN A PRESERVED, STRATEGIC STACKING MODE WITH COSCO. THE VESSEL MUST BE DELIVERED BEFORE END 2019.  Full Article

Prosafe extends standstill agreement with Cosco
Friday, 18 May 2018 

May 18 (Reuters) - Prosafe SE ::PROSAFE EXTENDS STANDSTILL AGREEMENT WITH COSCO.CONTINUES TO WORK WITH COSCO SHIPPING (QIDONG) OFFSHORE CO. LTD (COSCO) TO FIND A COMPREHENSIVE COMMERCIAL SOLUTION FOR THREE PROSAFE VESSELS THAT CURRENTLY RESIDE IN COSCO'S QIDONG SHIPYARD.STANDSTILL AGREEMENT BETWEEN PROSAFE AND COSCO RELATED TO SAFE NOVA AND SAFE VEGA HAS RECENTLY BEEN EXTENDED UNTIL 31 MAY 2018.REMAINS IN NEGOTIATIONS WITH COSCO AND RELATED PARTIES FOR A WORKABLE COMMERCIAL SOLUTION FOR SAFE NOVA AND SAFE VEGA.  Full Article

Prosafe extends standstill deal with Cosco​
Thursday, 7 Dec 2017 

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 

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 

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 

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

NORWEGIAN STOCKS-Oslo supported by oil price, Prosafe gains on rig deal

OSLO, Aug 6 (Reuters) - * Norwegian shares traded up on Monday * Oslo's benchmark index rose 0.47 pct, or 4.23 points, to 896.06 points and was up by 9.50 pct year-to-date * The broader Oslo All Share Index was up 0.48 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, rose $0.8 to $74.01 a barrel * Among the biggest firms on the Oslo Bourse, Equinor rose 0.70 pct, Telenor rose 0.13 pct and DNB fell -0.27 pct * Turnover at the Oslo Bourse was 1.3 billion Norwegian crowns and