First quarter 2019 results – Performance on track
First quarter 2019 results – Performance on track

First quarter 2019 results – Performance on track

During the first quarter, the fleet utilisation remained high at 62.5 per cent. Reported EBITDA for the first quarter amounted to USD 24.1 million (USD 49.2 million). EBITDA adjusted for non-recurring costs was USD 25.9 million (USD 50.6 million). Cash flow from operations was USD 14.7 million (USD 51.4 million).

Utilization remained high in the quarter. This, combined with the two contract extensions and one contract award are positive developments. In addition, we remain optimistic that we will be awarded a long-term contract in Brazil in the near term following the successful auction process in January 2019, says Prosafe’s CEO Jesper K. Andresen.

Recent highlights
(Figures in brackets refer to the corresponding period of 2018)

  • High fleet utilisation of 62.5 per cent (33.3 per cent).
  • Firm orderbook of USD 159 million per Q1 2019 (USD 273 million).
  • EBITDA of USD 24.1 million (USD 49.2 million) reflecting lower average day rates and higher operating expenses which were mainly driven by higher fleet utilisation and non-recurring costs. Non-recurring costs were mainly related to re-sizing of the organisation.
  • Cash flow from operations at USD 14.7 million (USD 51.4 million).
  • Aker BP exercised a one-month option in February and subsequently restructured the remaining options to three one-week options, in which two were exercised.
  • Being commercial managers for the Axis Offshore owned Safe Swift, Prosafe won a contract to support activities in the Central Mediterranean Sea.
  • In April, Equinor exercised three of six one-month options for the Mariner project. The firm period of the contract will now be through end September 2019.

The Q1 2019 report and Q1 2019 presentation can be downloaded below, or can be downloaded from www.newsweb.no

www.prosafe.com

9 May 2019
Prosafe SE 

For further information, please contact:

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

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

The use of our cookies

We use cookies and tracking technologies to make this website work and to help us understand how the site is used. With your agreement, we would also like to enable third party cookies to help us understand the effectiveness of our online marketing. You can use this tool to control how these cookies are used.

For more information visit our Cookies & Privacy page

Strictly Necessary Cookies

Necessary cookies enable core functionality such as page navigation and access to secure areas. The website cannot function properly without these cookies. You disable these by changing your browser preferences, but the website will not function properly.

We use cookies when you visit our site. These help us to give you the best experience on our website, analyse traffic and enable social media features. You can manage the cookies set on your device by clicking “Settings”. By clicking “Accept all”, you agree to the use of cookies unless you have disabled them. You can find out more information about cookies and about how we process personal data in our Cookies & Privacy page.

Accept All Settings
Cookies