(Figures in brackets refer to the corresponding period of the previous year)
August 15, 2024 – Prosafe SE reported EBITDA of USD 6.6 million (minus USD 9.8 million) for the second quarter and USD 13.8 million (minus USD 16.2 million) for the first half of 2024.
Operations, HSSE and order backlog
- Good operational and safety performance on all ships
- Capacity utilization of 56%, four of seven ships in operation in the quarter and in the first half of the year
- Strong commercial performance
- Conditional letter of intent (LOI) for Safe Boreas signed in May
- Letter of intent for Safe Caledonia signed in July
- Discussion on the extension of the contract for Safe Zephyrus with Petrobras
Financial figures for the second quarter and the first half of the year
- Revenue of USD 34.2 million (USD 21.0 million) in the second quarter and USD 68.2 million (USD 35.3 million) in the first half
- Liquidity of USD 65.9 million as of June 30
- Close monitoring of compliance with minimum liquidity requirements until 2025
- Examination of possible measures to strengthen liquidity and balance sheet
Market and outlook
- Improvement in the Brazilian market with increasing daily rates and terms due to increased demand
- Further tenders and additional demand for accommodation in Brazil are expected
- North Sea operators plan future campaigns with ongoing tenders for 2025 and initial discussions about 2026
- Expect higher capacity utilization and higher earnings growth in the coming years
Terje Askvig, CEO of Prosafe, says: “Prosafe has successfully increased the order book by securing orders for Safe Boreas and Safe Caledonia on good terms and with significant pre-financing. This reflects a tight accommodation market which, combined with continued high operational efficiency, positions Prosafe for future growth and higher earnings. Longer term, the accommodation market continues to improve, with good visibility on supply and expected demand growth, led by Brazil. This is leading to occupancy returning to historically favourable levels. Prosafe is well positioned to benefit from this trend and builds on our 30% market share in Brazil.”
presentation
Terje Askvig, CEO, and Reese McNeel, CFO, will present the results today at 10:00 CEST at Pareto Securities, Dronning Mauds gate 3, 0115 Oslo.
The presentation is public and can also be followed live via web streaming at https://www.prosafe.com
During the presentation, there is the opportunity to ask questions using the Q&A tool integrated in the audiocast. These questions will be answered after the presentation.
A replay of the audiocast will be made available shortly thereafter on the Prosafe website.
The press release and presentation for the second quarter of 2024 is attached and can be downloaded at 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 under the ticker code PRS. For more information, visit www.prosafe.com (https:///www.prosafe.com)
For further information please contact:
Terje Askvig, CEO Telephone: +47 952 03 886
Reese McNeel, CFO Telephone: +47 415 08 186
This information is subject to the disclosure requirements under sections 5-12 of the Norwegian Securities Trading Act.
