GlobeNewswire by notified

Prosafe SE: Fourth quarter 2022 results

Share

(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

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

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

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.

Attachments

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

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

https://notified.com

GlobeNewswire by notified 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 by notified

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

Latest releases from GlobeNewswire by notified

Iveco Group signs a 150 million euro term loan facility with Cassa Depositi e Prestiti to support investments in research, development and innovation11.6.2024 12:00:00 CEST | Press release

Turin, 11th June 2024. Iveco Group N.V. (EXM: IVG), a global automotive leader active in the Commercial & Specialty Vehicles, Powertrain and related Financial Services arenas, has successfully signed a term loan facility of 150 million euros with Cassa Depositi e Prestiti (CDP), for the creation of new projects in Italy dedicated to research, development and innovation. In detail, through the resources made available by CDP, Iveco Group will develop innovative technologies and architectures in the field of electric propulsion and further develop solutions for autonomous driving, digitalisation and vehicle connectivity aimed at increasing efficiency, safety, driving comfort and productivity. The financed investments, which will have a 5-year amortising profile, will be made by Iveco Group in Italy by the end of 2025. Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The eight brands are each a

DSV, 1115 - SHARE BUYBACK IN DSV A/S11.6.2024 11:22:17 CEST | Press release

Company Announcement No. 1115 On 24 April 2024, we initiated a share buyback programme, as described in Company Announcement No. 1104. According to the programme, the company will in the period from 24 April 2024 until 23 July 2024 purchase own shares up to a maximum value of DKK 1,000 million, and no more than 1,700,000 shares, corresponding to 0.79% of the share capital at commencement of the programme. The programme has been implemented in accordance with Regulation No. 596/2014 of the European Parliament and Council of 16 April 2014 (“MAR”) (save for the rules on share buyback programmes set out in MAR article 5) and the Commission Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour rules. Trading dayNumber of shares bought backAverage transaction priceAmount DKKAccumulated trading for days 1-25478,1001,023.01489,100,86026:3 June 20247,0001,050.597,354,13027:4 June 20245,0001,055.705,278,50028:6 June20243,0001,096.273,288,81029:7 June 20244,0001,106.174,424,68

Landsbankinn hf.: Offering of covered bonds11.6.2024 11:16:36 CEST | Press release

Landsbankinn will offer covered bonds for sale via auction held on Thursday 13 June at 15:00. An inflation-linked series, LBANK CBI 30, will be offered for sale. In connection with the auction, a covered bond exchange offering will take place, where holders of the inflation-linked series LBANK CBI 24 can sell the covered bonds in the series against covered bonds bought in the above-mentioned auction. The clean price of the bonds is predefined at 99,594. Expected settlement date is 20 June 2024. Covered bonds issued by Landsbankinn are rated A+ with stable outlook by S&P Global Ratings. Landsbankinn Capital Markets will manage the auction. For further information, please call +354 410 7330 or email verdbrefamidlun@landsbankinn.is.

Relay42 unlocks customer intelligence with a new insights and reporting module, powered by Amazon QuickSight11.6.2024 11:00:00 CEST | Press release

AMSTERDAM, June 11, 2024 (GLOBE NEWSWIRE) -- Relay42, a leading European Customer Data Platform (CDP), is leveraging Amazon QuickSight to power its new real-time customer intelligence, reporting, and dashboard module. Harnessing the breadth and quality of customer data, the new Insights module empowers marketing teams to dive deep into customer behaviors and gain invaluable insights into the performance of their marketing programs across all online, offline, paid, and owned marketing channels. Preview of the Relay42 Insights module, in pre-beta version Key capabilities of the Relay42 Insights module include: Deep insights into customer behaviors: With the Relay42 Insights module, marketers can ask unlimited questions about their data and gain a deeper understanding of how to serve their customers more effectively. Simplicity with AI-powered querying: Marketers can use artificial intelligence to query their data using natural language search, reducing the reliance on data scientists. Us

Metasphere Labs Announces X Spaces Event on the Topic of Green Bitcoin Mining and Sound Money for Sustainability11.6.2024 10:30:00 CEST | Press release

VANCOUVER, British Columbia, June 11, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere Labs" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is thrilled to announce an engaging Twitter Spaces event on Green Bitcoin mining, energy markets, and sustainability on July 3, 2024 at 2 p.m. ET. Follow us on X at MetasphereLabs for updates and to join the event. What We'll Discuss Bitcoin Mining Basics: Understand the fundamentals of Bitcoin mining.Energy Market Dynamics: Explore how Bitcoin mining interacts with energy markets.Sustainable Innovations: Learn about our efforts to promote sustainability in Bitcoin mining.Sound Money: Discover how tamper-proof currency can enhance stability.Efficient Payment Rails: See how fast, neutral payment systems support humanitarian projects.Carbon Footprint: Compare Bitcoin's environmental impact with traditional banking. "We're excited to host this event and dive into the critical topics of Bitcoin

HiddenA line styled icon from Orion Icon Library.Eye