Prosafe SE: Third-quarter results 2024

14 Nov 2024 07:02 CET

(Figures in brackets refer to the corresponding period last year)

14 November 2024 - Prosafe SE reported EBITDA of USD 5.0 million (USD 8.4
million) for the third quarter of 2024. The company had four active vessels
during the quarter.

Operations and HSSE

* Good operating and safety performance on all vessels
* Q3 2024 utilisation of 57% (52%), four out of seven vessels operating during
the quarter
* Safe Concordia, Safe Notos and Safe Eurus all had 100% utilisation, Safe
Zephyrus 99% utilisation
* Strong commercial performance with close to doubling of backlog from prior
year

* Safe Boreas and Safe Caledonia contracts signed, adding USD 137 million
to firm backlog
* Safe Concordia contract extended to early March 2025, adding USD 13.1
million to firm backlog
* Safe Zephyrus extension expected to Q3 2027 with Petrobras, adding
potential USD 105 million to backlog

* Backlog of USD 400 million (USD 268 million) including expected Zephyrus
extension

Q3 financials

* Revenues of USD 34.6 million (USD 32.8 million) and EBITDA of USD 5.0
million (USD 8.4 million)
* Cash flow from operations of USD 9.1 million (negative USD 14.0 million),
impacted positively by Safe Caledonia up-front contract payment
* Capex of USD 2.8 million (USD 5.7 million)
* Liquidity position of USD 63.5 million, compared to USD 65.9 million at end
Q2 2024 and USD 74.6 million at end Q4 2023
* Increased backlog and improved outlook create a platform to strengthen
liquidity and achieve a sustainable capital structure
* Refinancing process is continuing with an indicative refinancing requirement
of ~USD 400 million including USD 343 million in debt maturities and
additional liquidity to support rig re-activations and capex
* Advisors have been appointed to support the refinancing process
* Expect to complete refinancing during H1 2025, an equity component is
expected to form part of the overall structure

Market and outlook

* Improving Brazil market with recent tender and further long and short-term
contracts expected
* North Sea operators planning future campaigns with continued bidding for
2025 and discussions regarding 2026 to 2028 requirements
* Increased utilisation and earnings growth expected in coming years

Terje Askvig, the CEO of Prosafe, says, "Prosafe is successfully building a
strong backlog for 2025 and onwards. Our recent commercial progress confirms an
improving market for accommodation vessels led by high demand in Brazil
supported by more activity in the North Sea and other markets. Combined with
continued high operational efficiency, this provides a foundation for earnings
growth and achieving a sustainable capital structure prior to 2025 maturity
refinancing."

Presentation

Terje Askvig, CEO and Reese McNeel, CFO will today at 10:00 a.m. CET present the
results at Pareto Securities, Dronning Mauds gate 3, 0115 Oslo.

The presentation is open to public and can also be followed live via web
streaming at https://wwww.prosafe.com

It will be possible to ask questions during the presentation by using the Q&A
tool embedded in the audiocast. These questions will be answered after the
presentation.

A replay of the audiocast will be made available on Prosafe's website shortly
after.

The Q3 2024 press release and presentation is attached and can be downloaded
from https://www.prosafe.com and www.newsweb.no (https://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 (https:///www.prosafe.com)

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 the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

632148_Q3 2024 earnings release.pdf
632148_Prosafe Q3 2024 presentation.pdf