Prosafe SE: Fourth quarter 2022 results

28 Feb 2023 06:59 CET

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

Fourth quarter 2022 EBITDA increased by 94 per cent year-over-year to USD 9.6
million (USD 4.4 million). The fleet utilization was 56.1 per cent. At period
end, liquidity was USD 91.6 million (USD 73.9 million).

Operations, HSSE and backlog

* Q4 2022 utilisation of 56.1 (59.3) per cent, five out of seven vessels in
operation during the quarter
* Full year utilization of 70.6 per cent, highest since 2014
* Good operating and HSSE performance on all vessels
* Backlog of USD 332 million (USD 126 million) at quarter end
* Signed 650-day Petrobras contract valued at USD 73 million, commencing in
May 2023

Q4 financials

* Revenue of USD 38.9 million (USD 29.4 million) and EBITDA of USD 9.6 million
(USD 4.4 million)
* Earnings increase compared to Q4 2021 driven by higher day rates
* Cash flow from operations of USD 24.7 million (USD 36.0 million), positively
impacted in the quarter by improved working capital as vessels came off
contract
* Liquidity of USD 91.6 million (USD 73.9 million) at quarter end

Market and outlook

* Strong improvement in demand and utilisation during 2022. Market utilisation
for the most advanced accommodation vessels increased from 30 to 80 per cent
in the past year
* Slower 2023 North Sea market expected. This combined with capex and
mobilization spend in preparation for new contracts in Brazil and US GoM
will negatively impact liquidity during 2023
* Favourable demand outlook in core markets, with an all-time high number of
new PDOs in Norway and multiple FPSOs expected to come on stream in Brazil
over the next years
* Increased tender activity expected based on ongoing client discussions for
2024 and beyond

CEO comment

"We had high operational activity in the fourth quarter. Safe Boreas, Safe
Caledonia and Safe Zephyrus all completed their contracts during the period and
were safely demobilised. Backlog increased further as we finalised the 650-day
contract for Safe Zephyrus in Brazil," says Jesper K. Andresen, CEO of Prosafe.

"We believe that 2023 will be weak in the North Sea with limited prospects for
Safe Caledonia and Safe Boreas. In contrast, we see increasing activity in 2024
and beyond. Based on discussion with clients, we expect several additional
tenders in the North Sea and Brazil for 2024 in the coming months. For the
longer term, the company remains optimistic on the outlook and sees significant
potential for market tightening and increasing day rates."

Presentation


Jesper Kragh Andresen, CEO and Reese McNeel, CFO will today at 10:00 a.m. CET
present the results at the Hotel Continental, Stortingsgata 24/26, Oslo. The
presentation is open to the public and can also be followed live via web
streaming at www.prosafe.com (http://www.prosafe.com)

It will be possible to ask questions during the presentation by using the Q&A
tool embedded in the webcast. These questions will be answered after the
presentation. A replay of the audiocast will be made available on Prosafe's
website shortly after.

A complete version of the Q4 2022 earnings release and the Q4 2022 presentation
is attached and can be downloaded from 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, 28 February 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

583724_Q4 2022 presentation.pdf
583724_Q4 2022 report.pdf