Prosafe SE: Third quarter 2022 results

03 Nov 2022 07:00 CET

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

Third quarter 2022 EBITDA increased by 94 per cent year-over-year to USD 24.2
million (USD 12.5 million). The fleet utilisation was 77.3 per cent. At quarter
end, liquidity was USD 74.5 million (USD 107.1 million).

Operations, HSSE and backlog

* All six active vessels operated in the quarter with five in full operation
throughout the period
* Utilisation of 77.3 per cent
* Good operating and HSSE performance on all vessels
* Backlog of USD 293 million at quarter end

* Options to extend charters declared for Safe Zephyrus and Safe Boreas
* Signed USD 33 million, 330-day contract + options for Safe Concordia in
the US Gulf of Mexico

* After quarter end, Prosafe was announced the most competitive bidder in a
650-day tender for Petrobras in Brazil with 2023 start-up. Contract value of
USD 73 million if the post bidding process leads to a final contract award
by the client

Q3 financials

* Revenue of USD 63.6 million (USD 45.8 million in third quarter 2021)
* EBITDA increased 94 per cent YoY to USD 24.2 million (USD 12.5 million)
* Good cash conversions in the quarter with cash flow from operations of USD
24.5 million
* Liquidity of USD 74.5 million (USD 107.1 million) at quarter end

Market and outlook

* Strong demand increase in 2022 on work related to tie-back and life
extension projects
* Market utilisation for the most advanced accommodation vessels increasing
from 30 to 70 per cent in the past year
* The North Sea market is expected to be weak in 2023 with low visibility and
opportunities moving from 2023 to 2024
* Capex and modification costs for ongoing and new contracts will impact
EBITDA and liquidity in 2023
* Favourable outlook in core Brazil and North Sea markets. Increasing tender
activity and ongoing client discussions for 2024 and into 2027

"A strong third quarter was reflected in high utilisation, improved EBITDA and
good cash conversion," says Jesper K. Andresen, CEO of Prosafe. "I would like to
thank our team for their dedication to ensuring strong operations. We continue
to build backlog with the award of the contract in US Gulf of Mexico, clients
declaring options and our recent submittal of the most competitive bid for a new
contract in Brazil.

The demand outlook in our core markets is favourable but timing remains
uncertain. We maintain our focus on securing utilisation for our open vessels in
2023. In Brazil, we see increased activity next year, while North Sea tendering
activity is more focused in 2024 and beyond."

A complete version of the Q3 2022 earnings release and the Q3 2022 presentation
is attached and can be downloaded from www.prosafe.com (https://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)

Stavanger, 3 November 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 / +47 415 08 186

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

More information:
Access the news on Oslo Bors NewsWeb site

574595_Q3 2022 presentation.pdf
574595_Q3 2022 report.pdf