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.
(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
9 May 2019
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