Prosafe SE: Second quarter and first half 2019 report – Merger process with Floatel ongoing

Fleet utilisation in the second quarter of 2019 was 71.6 per cent, the highest since Q3 2015. Three new contracts were awarded since the last quarter. Reported EBITDA for the second quarter amounted to USD 53.1 million (USD 57.1 million). Cash flow from operations was USD 18.1 million (USD 43.5 million).

Recent highlights

• On 3 June, Prosafe SE and Floatel Internatinal Ltd signed an agreement to merge their respective businesses to create a more cost efficient company.
  
• Prosafe SE completed the legal redomicilation from Cyprus to Norway.
• High fleet utilisation of 71.6 per cent (45.8 per cent) with an average rate of USD 123k (USD 235k)
• Improved firm orderbook of USD 199 million per Q2 2019 (USD 184 million).
• Reported EBITDA was USD 53.1 million (USD 57.1 million) in the quarter. Underlying EBITDA in the quarter adjusted for one-off effects was USD 36.9 million.
• Cash flow from operations at USD 18.1 million (USD 43.5 million).
• A three-year contract was signed with Petrobras for the Safe Eurus in Brazil.
• Equinor Brazil awarded a contract to the Safe Concordia for a firm duration of 120 days with up to 60 days of options.
• Total UK awarded a contract to the Safe Caledonia for a firm period of 162 days plus one 30-day option.
• Prosafe took delivery of the Safe Eurus on 4 July. 
• Equinor exercised a one-month option for the Safe Boreas on 16 August
  

Jesper K. Andresen, Prosafe’s CEO says, “Despite general low activity in the market, it is positive that we were awarded three contracts since the last quarterly report. Further, the merger process with Floatel International is high on our agenda these days, a merger that is needed to create a cost efficient and sustainable company for global offerings to our clients.”

A complete version of the Q2 2019 earnings release and the Q2 2019 presentation can be downloaded from 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 https://www.prosafe.com  

21 August 2019
The Board of Directors of Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO&CFO
Phone: +47 478 07 813