GlobeNewswire

Prosafe SE: First quarter 2020 report – Adapting to a new reality

Share

(Figures in brackets refer to the corresponding period of 2019)

After several years of low activity across the industry, the company has presented a business plan and a restructuring proposal to lenders which – if approved as proposed – will result in a sustainable balance sheet. The revised business plan reflects a new reality in light of Covid-19, structural changes, oil price collapse, oversupply and anticipated impact on future activity and performance. Consequently, an impairment of USD 810.5 million was made to the book value of vessels in the quarter resulting in a negative book equity of USD 858.9 million by the end of the quarter. The company has sufficient liquidity of USD 184 million at the end of the quarter and continues to operate on a going concern basis on the assumption that there is justified hope to agree a sustainable financial solution with lenders.

Recent highlights

  • Prosafe implemented Covid-19 plans early to safeguard people and assets, and this has proven successful both onshore and offshore.
  • Total liquidity of USD 183.6 million per Q1 2020. Based on a continuation of the forbearance arrangement and the deferral of making payment of scheduled instalments and interests on loans, the company is all else equal able to stay cash positive well beyond the next 12 months.
  • The company has presented a restructuring proposal to lenders that if approved as proposed, will result in a sustainable balance sheet. The company has requested an extension to the forbearance arrangement till end June 2020 to ensure stability and sufficient time to seek agreement with lenders.
  • On 13 February 2020, Prosafe and Floatel International mutually decided to discontinue the merger process due to financial uncertainty and process risk.
  • In light of Covid-19 and the oil price crash, the company is in commercial discussions with several clients.
  • Fleet utilisation of 32.7 per cent (62.5 per cent) in the quarter.
  • Regalia will be marketed for recycling.
  • Firm order book of USD 127 million per Q1 2020 (USD 159 million).
  • Reported EBITDA was USD 1.1 million (USD 24.1 million positive) in the quarter. Underlying EBITDA in the quarter adjusted for one-off effects was USD 2.1 million.
  • An impairment of USD 810.5 million made to the book value of vessels and the book equity was negative by USD 858.9 million as of March 2020.

Jesper K. Andresen, Prosafe’s CEO says, “The Covid-19 pandemic and the oil price collapse since March 2020 have resulted in a dramatic change in market conditions, economic outlook and ways of living and working. The entire oil and gas services industry is exposed to a “double Black Swan event”, and short-term planning as well as longer term forecasting is extremely challenging, whilst at the same time being critical. We are doing our utmost to adapt to a new reality and aim to arrive at a sustainable financial solution in order to protect values to the extent possible, and establish a sound basis upon which to create value in the future from safe and cost efficient operations, commercial performance and strategic initiatives including consolidation”. 

A complete version of the Q1 2020 earnings release 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 www.prosafe.com

26 May 2020
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 51 64 25 17 / +47 478 07 813

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

Attachments

About GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire

Subscribe to all the latest releases from GlobeNewswire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire

Dividend payment ex-date of AS “Latvijas Gāze”6.7.2020 07:45:00 CESTPress release

AS “Latvijas Gāze” (GZE1R, ISIN code LV0000100899) will close the list of shareholders for dividend payment on July 9, 2020 at the end of the working day of the Nasdaq CSD Latvian Settlement System. Proceeding from the above, the ex-date is July 8, 2020. From that date the new owner of the shares is not entitled to the dividends. AS “Latvijas Gāze” will pay dividend 0.44 EUR per share on July 10, 2020. The JSC "Latvijas Gāze" confirms that: - the profit paid in dividends was earned after January 1, 2018; - no conditions permitting the JSC "Latvijas Gāze" to reduce the corporate income tax base under Section 13 of the Corporate Income Tax Law have been applied. Additional information: Madara Ventere Head of Finance and accounting division Phone: + (371) 67 369 281 E-mail: investor.relations@lg.lv www.lg.lv

Idorsia announces positive results in the second Phase 3 study of daridorexant6.7.2020 07:00:00 CESTPress release

Results confirm and reinforce the efficacy and safety profile from the first pivotal studyCompany targets filing the New Drug Application (NDA) around the end of 2020Idorsia to host an investor webcast to discuss the second Phase 3 results today at 14:00hrs CEST Allschwil, Switzerland – July 6, 2020 Idorsia Ltd (SIX: IDIA) today announced positive top-line results of the second pivotal Phase 3 study investigating 10 and 25 mg doses of its dual orexin receptor antagonist, daridorexant, in 924 adult and elderly patients (39.3% ≥ 65 years) with insomnia. The study confirms the findings of the first pivotal study, demonstrating efficacy of treatment with daridorexant on objective and subjective sleep parameters and showed positive effects on daytime functioning, with patients reporting no morning sleepiness and no evidence of rebound or withdrawal symptoms upon treatment discontinuation. On April 20, 2020, the company reported (media release) the results of the first pivotal study with dar

Airtel deploys India’s largest open cloud-based VoLTE network with Nokia software products6.7.2020 07:00:00 CESTPress release

Press Release FINAL Airtel deploys India’s largest open cloud-based VoLTE network with Nokia software products ·As part of its cloudification strategy, Airtel will deploy Nokia’s CloudBand Infrastructure Software 6 July 2020 Espoo, Finland – Nokia today announced that its CloudBand-based software products are powering Bharti Airtel’s (“Airtel”) Voice over LTE (VoLTE) network in India. The network supports over 110 million customers, making it the largest cloud-based VoLTE network in India and the largest Nokia-run VoLTE in the world. The cloud-based VoLTE deployment allows Airtel to provide its mobile customers faster and more reliable, cost-efficient call connectivity. The solution, which has been deployed to cover all 22 telecom service areas in India, uses Commercial Off-the-Shelf IT hardware with cloud-based Virtual Network Functions (VNFs), which consumes much less power and space compared to the traditional 2G/3G Circuit Switched legacy core. Nokia’s VoLTE solution enables Airtel

ObsEva Announces Positive Results from two Phase 3 Studies, PRIMROSE 1 and 2, of Yselty® (linzagolix) for the Treatment of Uterine Fibroids6.7.2020 07:00:00 CESTPress release

PRIMROSE 1 achieved statistically significant and clinically meaningful results across primary and key secondary endpoints at week 24 PRIMROSE 2 results demonstrate sustained efficacy and continued safety of linzagolix at week 52 Results confirm linzagolix as a potential best-in-class GnRH antagonist, with a pooled responder rate of 84.7% for the 200 mg with Add Back Therapy* (ABT) dose from PRIMROSE 1 and 2 Linzagolix is the only GnRH antagonist as a potential unique treatment option for up to 50% of US women with uterine fibroids for whom ABT therapy may be contraindicated Success of PRIMROSE 1 and 2 studies enables progression towards regulatory submissions, anticipated 4Q 2020 in the EU and 1H 2021 in the US GENEVA, Switzerland and BOSTON, MA (July 6, 2020) – ObsEva SA (NASDAQ: OBSV; SIX: OBSN), a biopharmaceutical company developing and commercializing novel therapies to improve women’s reproductive health, today announced top-line results from the PRIMROSE 1 and 2 studies of Ysel

DIAC S.A.: UPDATE OF NEU MTN PROGRAMME3.7.2020 19:32:13 CESTPress release

July, 3rd 2020 DIAC S.A.: UPDATE OF NEU MTN PROGRAMME DIAC S.A. updated the Information Memorandum of its Negotiable Medium Term Notes (NEU MTN Programme). This documentation was approved by the Banque de France is available on its website under the following link: https://eucpmtn.banque-france.fr/public/#/liste-des-emetteurs/5f8b9dec-b611-ea11-80f7-001dd8b71ea9 DIAC S.A. Etablissement de crédit et intermédiaire d’assurances, au capital de 659 334 050 EUR. Siège social : 14, avenue du Pavé Neuf – 93168 Noisy-le-Grand cedex SIREN 702 002 221 RCS Bobigny – N° TVA : FR02 702002221 – Code APE 6492Z – N° ORIAS : 07 004 966 – www.orias.fr Attachment Update DIAC programme NEU MTN 2020

Maha Energy AB (publ) Announce June Production Volumes3.7.2020 17:13:36 CESTPress release

­­­Maha Energy AB (publ) Strandvägen 5A SE-114 51 Stockholm www.mahaenergy.ca Press release Stockholm July 3, 2020 Maha Energy AB (publ) Announce June Production Volumes Production Volumes The Company's aggregate sales production for the month of June totaled 112,1511 barrels of oil and 57.090 million scf of gas for a combined average production of approximately 4,056 BOE/day2, before royalties and taxes. Other than some minor unplanned shutdowns, production continues to be affected by the impact of the Covid-19 pandemic. 1 Subject to minor standard industry adjustments at the time of custody transfer. 2 Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used. For more information, please contact: Jonas Lindvall (CEO) Tel: +46 8 611 05 11 Email: jonas@mahaenergy.ca or Victoria Berg (Investor Relations) Tel: +46 8 611 05 11 Email: victoria@mahaenergy.ca Maha in Brief Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as C