Prosafe SE: Fourth quarter 2020 results

04 Feb 2021 06:59 CET

Company Name

PROSAFE

ISIN

NO0010861990

Market

Oslo Børs

Symbol

PRS

(Figures in brackets refer to the corresponding period of 2019)

Reported EBITDA for the fourth quarter was USD 0.7 million (USD 6.4 million
negative), reflecting cost efficiency partly offset by lower average day rates.
Underlying EBITDA adjusted for one-offs was USD 2.8 million. Liquidity reserve
at year-end was USD 160.3 million. The Company aims to conclude a sustainable
financial solution with lenders as soon as possible.

Recent highlights

* Successfully maintained its order backlog through Covid-19, although
utilization in 2020  was significantly impacted
* Operating status and financial results

* Utilisation 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 status

* Secured a 90-day contract with an option of up to 60 days for
ConocoPhillips commencing Q2 2022
* Secured an extension for the Safe Notos with Petrobras in Brazil through
to mid-November 2021, with a 30-day SPS time-out in Q1 2021
* Awarded a 117-day contract in Trinidad commencing June/July 2021 for the
Safe Concordia
* Ongoing tenders for 2021 and 2022

* Total 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 (http://www.prosafe.com)
and www.newsweb.no (http://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 (http://www.prosafe.com)

Attachments:
Q4 2020 report
Q4 2020 presentation

4 February 2021
Prosafe SE

For further information, please contact:

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

Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 51 64 25 17 / +47 478 07 813

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


Source

Prosafe SE

Provider

Oslo Børs Newspoint