First quarter 2022 results

EBITDA  for the first quarter was USD 4.8 million (negative USD 10.1 million), reflecting a higher activity level and the highest first quarter fleet utilisation rate of 68.1 per cent (25.7 per cent) since 2015. Liquidity at the end of the quarter was USD 64.7 million. In addition, a significant increase in the order backlog was secured just after quarter end.

(Figures in brackets refer to the corresponding period of 2021)

Recent highlights

Fleet utilisation and financial results

• Fleet utilisation of 68.1 per cent (25.7 per cent), the highest first quarter utilisation rate since 2015
• EBITDA of USD 4.8 million for the quarter (negative USD 10.1 million)
• Cash flow from operations in Q1 was negative 0.4 million (negative USD 7.6 million) as 2 vessels were ramping up for contracts and one vessel was largely on standby in-field between 2 operating periods
• Liquidity of USD 64.7 million (USD 141.7 million) at the end of the quarter

Operations and commercial

• 5 of 7 vessels in operation in all or parts of the quarter
• Good operating performance and zero incidents in the quarter
• Safe Notos was awarded a four-year, USD 110 million contract by Petrobras as a result of a bid process conducted in Q1 2022
• Safe Eurus was announced the winner of a four-year, USD 126 million contract by Petrobras with contract award expected within June
• Safe Boreas could come into contention for a 650-day contract with Petrobras
• Significant increase in order backlog

Jesper K. Andresen, Prosafe’s CEO says, “The first months of the year have been characterized by high activity with 5 of 7 vessels in operation in all or part of the quarter, including the ramp-up of Safe Zephyrus and Safe Boreas for contracts. In light of this, I am pleased that our operational performance has been good and without any incidents. I am further pleased to note the significant growth in our order backlog at improving margins, as evidenced by the recent four-year contract award to Safe Notos, and by Safe Eurus having been declared the winner of a bidding process for a four-year contract in Brazil. In addition, we are evaluating possibilities for consolidation and adjacent business development opportunities within the oil and gas industry in order to ensure continued value creation for our shareholders.”

A  complete version of the Q1 2022 earnings release and the Q1 2022 presentation can be downloaded from https://www.prosafe.com with direct link https://www.prosafe.com/investor-information/reports-results/

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, 12 May 2022
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