Fourth quarter 2018 report - Recent developments give raise to continued optimism
Fourth quarter 2018 report - Recent developments give raise to continued optimism

Fourth quarter 2018 report - Recent developments give raise to continued optimism

In the fourth quarter, Prosafe had a fleet utilisation of 63 per cent (36.1 percent). EBITDA for the fourth quarter amounted to USD 29 million (USD 42.1 million) and cash flow from operations was USD 25.6 million (USD 44.2 million).

“We had a busy quarter with the highest quarterly utilisation since Q3 2015. This, combined with the two recent contract awards which are both related to Maintenance and Modification work in the UK sector, are positive developments. In addition, we came first in an auction in Brazil in January 2019 which may allow us to take a newbuild on the water during this year. In sum this gives raise to continued optimism”, says Prosafe’s CEO Jesper K. Andresen.

Recent highlights

(Figures in brackets refer to the corresponding period of 2017)

  • Reached the highest quarterly fleet utilisation since Q3 2015 at 63 per cent (36.1 per cent).
  • Firm orderbook at USD 209 million per  Q4 2018 (USD 304 million).
  • EBITDA of USD 29 million (USD 42.1 million).
  • Cash flow from operations at USD 25.6 million (USD 44.2 million).
  • Safe Concordia returned to Brazil and commenced work for MODEC in the quarter.
  • Regalia was awarded a 60-day contract in the North Sea commencing June 2019, and Safe Caledonia was awarded an 80-day contract in the North Sea commencing June 2020.
  • In January, Prosafe ranked first in Brazil auction. Upon conclusion of the process and anticipated contract award, Prosafe will deliver the Safe Eurus within 150 days. Estimated contract value is above USD 80 million for the three-year period.

A complete version of the Q4 2018 earnings release is attached and can be downloaded from and

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

5 February 2019
Prosafe SE

Q4 2018 report
Q4 2018 presentation

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