Prosafe and Shell U.K. Limited ('Shell') have agreed to defer and amend the
contract for the Safe Zephyrus to provide accommodation services in support of
the Shearwater platform turnaround. The revised firm duration of the contract of
115 days commences in March 2021 although Shell has the option of adding either
30 or 45 days to the front end resulting in an earlier commencement date. Shell
retains the option to extend the contract after the firm duration by up to 30
days.
As part of the agreement, Shell will compensate Prosafe through a fee
considering the 10 month mobilization deferment. Additionally, Shell and Prosafe
will strategically work closely for 2022 and 2023, maximizing opportunity to
benefit both parties.
Jesper Kragh Andresen, CEO of Prosafe says: "Shell has been, and will continue
to be, one of our most valued customers. The COVID-19 pandemic has impacted the
industry hard - operator and contractor alike - and it has been encouraging to
work with Shell to solve the mutual challenges in a way which resulted in an
agreement for the 2021 Shearwater turnaround, and a stronger strategic
collaboration thereafter."
Prosafe is a leading owner and operator of semi-submersible accommodation
vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.
For more information, please refer to www.prosafe.com (http://www.prosafe.com)
Stavanger, 3 September 2020
Prosafe SE
For further information, please contact:
Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155
Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 51 64 25 17 / +47 478 07 813
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act