(Figures in brackets refer to the corresponding period last year)
14 November 2024 - Prosafe SE reported EBITDA of USD 5.0 million (USD 8.4 million) for the third quarter of 2024. The company had four active vessels during the quarter.
Operations and HSSE
- Good operating and safety performance on all vessels
- Q3 2024 utilisation of 57% (52%), four out of seven vessels operating during the quarter
- Safe Concordia, Safe Notos and Safe Eurus all had 100% utilisation, Safe Zephyrus 99% utilisation
- Strong commercial performance with close to doubling of backlog from prior year
- Safe Boreas and Safe Caledonia contracts signed, adding USD 137 million to firm backlog
- Safe Concordia contract extended to early March 2025, adding USD 13.1 million to firm backlog
- Safe Zephyrus extension expected to Q3 2027 with Petrobras, adding potential USD 105 million to backlog
- Backlog of USD 400 million (USD 268 million) including expected Zephyrus extension
- Revenues of USD 34.6 million (USD 32.8 million) and EBITDA of USD 5.0 million (USD 8.4 million)
- Cash flow from operations of USD 9.1 million (negative USD 14.0 million), impacted positively by Safe Caledonia up-front contract payment
- Capex of USD 2.8 million (USD 5.7 million)
- Liquidity position of USD 63.5 million, compared to USD 65.9 million at end Q2 2024 and USD 74.6 million at end Q4 2023
- Increased backlog and improved outlook create a platform to strengthen liquidity and achieve a sustainable capital structure
- Refinancing process is continuing with an indicative refinancing requirement of ~USD 400 million including USD 343 million in debt maturities and additional liquidity to support rig re-activations and capex
- Advisors have been appointed to support the refinancing process
- Expect to complete refinancing during H1 2025, an equity component is expected to form part of the overall structure
- Improving Brazil market with recent tender and further long and short-term contracts expected
- North Sea operators planning future campaigns with continued bidding for 2025 and discussions regarding 2026 to 2028 requirements
- Increased utilisation and earnings growth expected in coming years
Presentation
Terje Askvig, CEO and Reese McNeel, CFO will today at 10:00 a.m. CET present the results at Pareto Securities, Dronning Mauds gate 3, 0115 Oslo.
The presentation is open to public and can also be followed live via web streaming at https://wwww.prosafe.com
It will be possible to ask questions during the presentation by using the Q&A tool embedded in the audiocast. These questions will be answered after the presentation.
A replay of the audiocast will be made available on Prosafe's website shortly after.
The Q3 2024 press release and presentation is attached and can be downloaded from https://www.prosafe.com and www.newsweb.no (https://www.newsweb.no)
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 (https:///www.prosafe.com)
For further information, please contact:
Terje Askvig, CEO Phone: +47 952 03 886
Reese McNeel, CFO Phone: +47 415 08 186
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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