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Prosafe SE: Recapitalization complete, new share capital registered and forward looking statements

Written by Customer Service on . Posted in Public Companies.

Reference is made to the stock exchange announcement published by Prosafe SE (“Prosafe” or the “Company“) on 24 April 2025 where it was announced that Prosafe had agreed the terms of a recapitalization (the “Recapitalization“) which, inter alia, includes a recapitalization of USD 193 million into 321,635,718 new shares in the Company (the “New Shares“) and an offering of up to 17,868,651 warrants to shareholders in the Company as of 16 May 2025 as registered in the Euronex Securities Oslo VPS on the record date 20 May 2025 (the “Warrants“), subject to final approval being obtained by all lenders.

Reference is further made to the announcement published by the Company on 18 July 2025 regarding approval and publication of a prospectus in relation to issuance of the New Shares and offering of Warrants.

Registration of the New Shares issued following conversion of USD 193,000,000 of debt into equity has as part of the completion of the Recapitalization been registered with the Norwegian Register of Business Enterprises.

The Company’s registered share capital has consequently increased by EUR 3,216,357.18, from EUR 178,686.51 to EUR 3,395,043.69, by issuance of 321,635,718 new shares, each with a nominal value of EUR 0.01.

The Company’s new registered share capital is EUR 3,395,043.69 divided into 339,504,369 shares, each with a nominal value of EUR 0.01.

Prosafe is pleased to announce that the Recapitalization is now effective. The Recapitalization significantly improves Prosafe’s financial position, providing fresh liquidity and a reduction in debt of USD 193 million.

Prosafe maintains a positive outlook with new contracts recently secured and improved activity on the back of vessel re-activations. Prosafe recently announced the award of a new 4-year contract for the Safe Notos at a significantly improved day rate of approximately USD 140k/day. The Safe Caledonia started its contract with Ithaca in the UK North Sea on 2 June 2025 and Safe Boreas has arrived in Singapore ahead of the upcoming contract in Australia which has a start-up window between 15 November 2025 and 15 February 2026.

The Company would like to extend a warm welcome to the new Board of Directors elected at the Company’s annual general meeting held on 21 May 2025. The Company would also like to thank the departing board for all of their work, dedication and support over the past several years.

The Company expects unrestricted liquidity (excluding restricted cash and cash held in New Group) of approximately USD 90 to 100 million and headroom against the new USD 20 million covenant of approximately USD 70 to 80 million at the date of the Recapitalization.

Forward Looking Statement:

Prosafe takes the opportunity to provide guidance for the full year 2025 EBITDA which is anticipated to be in the range of USD 35 – 40 million.  This assumes successful completion of the Safe Boreas re-activation prior to end Q3 2025, planned Special Periodic Surveys (SPS) and related off-hire periods for Safe Zephyrus and Safe Notos during Q3 and Q4 2025 as well as the successful completion of the Safe Caledonia contract. Reference is made to the Q1 presentation published on 21 May 2025 regarding current contracts, anticipated capital expenditure and costs.

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 of the Norwegian Securities Trading Act and the requirements of Oslo Børs’ Continuing Obligations.

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