(Figures in brackets refer to the corresponding period last year)
22 Aug 2025 - Prosafe SE reported EBITDA of USD 3.1 million (USD 6.6 million)
for the second quarter and USD 7.7 (USD 13.8 million) for the first half of
2025.
OPERATIONS, HSSE AND BACKLOG
* Good operating performance on all vessels.
* Utilisation of 66%, four out of five vessels operating during the quarter
* Safe Zephyrus, Safe Eurus and Safe Notos operating at 99% utilisation in
Brazil
* Safe Caledonia commenced operations at the Captain Field in the UK on 2
June
* Safe Boreas arrived in Singapore in July ahead of upcoming contract in
Australia
* Safe Notos awarded four-year contract with Petrobras in Brazil, commencing
September 2026 in continuation of its existing contract at significantly
increased dayrate
* USD 518 million in backlog (USD 323 million) including options/LOIs
Q2 AND FIRST HALF FINANCIALS
* Q2 revenues of USD 30.9 million (USD 34.2 million) and USD 63.9 million (USD
68.2 million) in H1
* EBITDA of USD 3.1 million (USD 6.6 million) for Q2 and USD 7.7 million (USD
13.8 million) for H1
* Cash flow from operations of USD 12.2 million (USD 15.5 million) in Q2 and
USD 40.8 million (USD 14.1 million) in H1, including contract prepayments
related to the Safe Boreas and Safe Caledonia
* Capex of USD 14.5 million (USD 4.2 million) for Q2 and USD 35.7 million (USD
5.9 million) for H1 due to reactivation of Safe Boreas and Safe Caledonia
* Liquidity position of USD 45 million, compared to USD 46.8 million at year-
end 2024
RECAPITALISATION
* Recapitalisation completed on 21 July 2025 with the equitisation of USD 193
million of debt for 90% of the shares in the company
* Transaction provides a sustainable capital structure and sufficient
liquidity to meet capital expenditure and working capital needs for the
foreseeable future
MARKET AND OUTLOOK
* Expected 2025 EBITDA of USD 35 to 40 million
* Estimated post recapitalisation net debt of USD 220 million
* Petrobras awards confirm rising day rates and durations on higher demand
* Further tenders expected in Brazil
* North Sea UK and Norway campaigns with focus on 2027 and beyond
* Increased firm backlog, improved market and recapitalisation position
Prosafe for improved earnings
Terje Askvig, the CEO of Prosafe, says, "The completion of the recapitalisation
is a significant milestone for Prosafe, strengthening our balance sheet and
providing a sustainable capital structure. We are well positioned to deliver
increased earnings going forward supported by a growing backlog and higher
utilisation in an improving global offshore accommodation market.
Presentation
Terje Askvig, CEO and Reese McNeel, CFO will today at 10:00 a.m. CEST 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 Q2 2025 press release, H1 report and presentation are 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