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Prosafe SE: Second quarter and first half 2022 results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

(Figures in brackets refer to the corresponding period of 2021)

EBITDA for the second quarter was USD 22.8 million (USD 18.1 million), reflecting a higher activity level and the highest quarterly fleet utilisation rate of 81.0 per cent (65.8 per cent) since Q3 2015. Liquidity at the end of the quarter was USD 57.6 million. Two Brazil and one UK contracts were secured, adding approximately USD 240 million in backlog.

Recent highlights

Fleet utilisation and financial results

  • The highest quarterly fleet utilisation of 81.0 per cent (65.8 per cent) since Q3 2015
  • EBITDA of USD 22.8 million for the quarter (USD 18.1 million)
  • Cash flow from operations in Q2 was USD 0.4 million (negative USD 21.9 million). In the quarter, an increase in working capital, driven by increased accounts receivable due to improved vessel activity, offset the improved operating result
  • Liquidity of USD 57.6 million (USD 119.9 million) at quarter end
  • Book equity improved by 36% from last quarter

Operations and commercial

  • 5 out of 7 vessels were in full operation throughout the quarter, while Safe Boreas was working part of the quarter
  • Good operating performance and zero incidents in the quarter
  • Two four-year contracts were awarded by Petrobras to Safe Notos and Safe Eurus, and a short duration contract was secured for Safe Boreas in the UK, adding approximately USD 240 million in backlog
  • After the quarter end, BP Trinidad and Tobago LLC exercised all four weeks of options for the Safe Concordia

Jesper K. Andresen, Prosafe’s CEO says, “The second quarter saw the highest vessel utilisation since 2015, which reflected positively on our performance. We were also pleased to secure significant backlog by winning important contracts in Brazil and the UK at improving margins. This is an indication of an improving outlook for the oil and gas industry and for our services. Finally, I would like to thank our team for continuing to operate safely and efficiently.”

A complete version of the Q2 2022 earnings release and the Q2 2022 presentation is attached and can be downloaded from https://www.prosafe.com and 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

Stavanger, 19 August 2022
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155

Reese McNeel, CFO
Phone: +47 51 64 25 17 / +47 405 54 490

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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