Skip to main content

Prosafe SE: Fourth quarter 2020 results

Written by Customer Service on . Posted in Public Companies.

(Figures in brackets refer to the corresponding period of 2019)Recent highlights Successfully maintained its order backlog through Covid-19, although utilization in 2020  was significantly impactedOperating status and financial resultsUtilisation of 25% in Q4 (23%)Despite lower average day rates, reported EBITDA of USD 0.7 million (USD 6.4 million negative) due to good cost performance; while the underlying EBITDA adjusted for one-offs was USD 2.8 million (USD 0.4 million negative)Cash flow from operations was USD 2.3 million negative (USD 9.5 million positive)Commercial statusSecured a 90-day contract with an option of up to 60 days for ConocoPhillips commencing Q2 2022Secured an extension for the Safe Notos with Petrobras in Brazil through to mid-November 2021, with a 30-day SPS time-out in Q1 2021Awarded a 117-day contract in Trinidad commencing June/July 2021 for the Safe ConcordiaOngoing tenders for 2021 and 2022Total liquidity reserve of USD 160.3 million at year-end 2020 (USD 198.1 million)Remains in constructive dialogue with lenders regarding a sustainable financial solution and aims to conclude as soon as possible. Although it is too early to say what a final solution may look like, it is anticipated that there will be a significant equalization of debt which is likely to result in minimal or no recovery for current shareholders.Jesper K. Andresen, Prosafe’s CEO says, “The financial results for the fourth quarter of 2020 and for the full year 2020 reflect lower utilization and average day rates as a result of the downcycle and Covid-19. Still we managed to protect our order book, secure new contracts and extensions, and generate a positive EBITDA. I am pleased about the organisation’s ability to adapt and manoeuvre under challenging circumstances.”A complete version of the Q4 2020 earnings release and the Q4 2020 presentation is attached and can be downloaded from www.prosafe.com and www.newsweb.noProsafe 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.comAttachments:
Q4 2020 report
Q4 2020 presentation4 February 2021
Prosafe SEFor further information, please contact:This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading ActAttachments2020 Q4 report2020 Q4 presentation

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.