Operational Update Q3 2014

The fleet utilisation rate in the third quarter of 2014 was 96 per cent. Safe Scandinavia, Safe Caledonia, Safe Concordia, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia and Safe Regency were in full operation throughout the quarter.

Safe Concordia is operating on a three-year contract with Petrobras in Brazil. The average effective day rate in the third quarter was approximately USD 158,000.

Regalia completed the work for Statoil at the Grane field in Norway in early-August and commenced the contract with Talisman for accommodation support at the Montrose field in the UK in late-August.

Safe Bristolia was off-hire for nine days between completion of the contract with ConocoPhillips at the Judy field in the UK and commencement of the work for BG Group at the Everest field. Last week, operation of the vessel was suspended due to damages sustained to lifeboats after experiencing extreme weather. The vessel will be demobilised from the field for repair works to be conducted.

Safe Astoria completed its Indonesian operations for Swiber in May. In mid-July, the vessel commenced mobilisation to the Malampaya field in the Philippines, with the firm contract period of 11 months starting 1 August.