Prosafe SE: Fourth-quarter results 2024
(Figures in brackets refer to the corresponding period last year)
31 January 2025 – Prosafe SE reported EBITDA of USD 4.9 million (negative USD 2.7 million) for the fourth quarter of 2024. The company had four active vessels during the quarter.
Operations and HSSE
- Good operating and safety performance on all vessels
- 57% utilisation (50%), four out of seven vessels operating during the quarter
- 100% utilisation on the operating fleet in Brazil and US Gulf of Mexico
- Strong commercial performance during 2024 with 44% increase in backlog from prior year
- Backlog of USD 370 million (USD 238 million)
- Safe Zephyrus extension to Q3 2027 finalised, adding USD 109 million to backlog
- Contracts for Safe Boreas and Safe Caledonia plus Safe Concordia contract extension
Q4 financials
- Revenues of USD 37.0 million (USD 29.6 million) and EBITDA of USD 4.9 million (negative USD 2.7 million)
- Cash flow from operations of nil (USD 3.8 million) due to Safe Boreas and Safe Caledonia SPS/reactivation
- Capex of USD 8.0 million (USD 4.8 million)
- Liquidity position of USD 46.8 million with expected runway to mid-2025, compared to USD 63.5 million at end Q3 2024 and USD 74.6 million at year-end 2023
- Refinancing expected to complete H1 2025, likely to include equity component in form of debt for equity conversion and/or equity injection as part of the overall structure
Market and outlook
- Brazil market strengthening with new tenders for up to 6 units
- North Sea operators continue to plan for future campaigns
- Increased backlog and improved outlook create a platform to strengthen liquidity and achieve a sustainable capital structure
See Q4 presentation for further details
Terje Askvig, the CEO of Prosafe, says, “The global accommodation market continues to strengthen led by growing demand in Brazil, in line with expectations. The new long-term Petrobras tenders may absorb further capacity from outside Brazil on top of units already in the country. Prosafe stands to benefit as the market leader in Brazil. Improved market fundamentals, increased backlog and high operational efficiency support our expectations of future earnings growth and provide a robust foundation for establishing sustainable capital structure prior to 2025 maturity.”
Presentation
Terje Askvig, CEO, and Reese McNeel, CFO, will present the results at Pareto Securities, located at Dronning Mauds gate 3, 0115 Oslo, on 3 February 2025 at 10:00 CET.
This presentation is open to the public and will be live-streamed on Prosafe’s website.
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 Q4 2024 press release and presentation is attached and can be downloaded from and (). The 2024 annual report will be published 30 April 2024.
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:///)
For further information, please contact:
Terje Askvig, CEO Phone: 886
Reese McNeel, CFO Phone:
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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