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.
(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.
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
5 February 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