Fourth quarter 2020 results
Fourth quarter 2020 results

Fourth quarter 2020 results

Reported EBITDA for the fourth quarter was USD 0.7 million (USD 6.4 million negative), reflecting cost efficiency partly offset by lower average day rates. Underlying EBITDA adjusted for one-offs was USD 2.8 million. Liquidity reserve at year-end was USD 160.3 million. The Company aims to conclude a sustainable financial solution with lenders as soon as possible.

(Figures in brackets refer to the corresponding period of 2019)

Recent highlights

  • Successfully maintained its order backlog through Covid-19, although utilization in 2020  was significantly impacted
  • Operating status and financial results
    • Utilisation of 25% in Q4 (23%)
    • Despite lower average day rates, reported EBITDA of USD 0.7 million (USD 6.4 million negative) due to good cost performance; while the underlying EBITDA adjusted for one-offs was USD 2.8 million (USD 0.4 million negative)
    • Cash flow from operations was USD 2.3 million negative (USD 9.5 million positive)
  • Commercial status
    • Secured a 90-day contract with an option of up to 60 days for ConocoPhillips commencing Q2 2022
    • Secured an extension for the Safe Notos with Petrobras in Brazil through to mid-November 2021, with a 30-day SPS time-out in Q1 2021
    • Awarded a 117-day contract in Trinidad commencing June/July 2021 for the Safe Concordia
    • Ongoing tenders for 2021 and 2022
  • Total liquidity reserve of USD 160.3 million at year-end 2020 (USD 198.1 million)
  • Remains in constructive dialogue with lenders regarding a sustainable financial solution and aims to conclude as soon as possible. Although it is too early to say what a final solution may look like, it is anticipated that there will be a significant equalization of debt which is likely to result in minimal or no recovery for current shareholders.

Jesper K. Andresen, Prosafe’s CEO says, “The financial results for the fourth quarter of 2020 and for the full year 2020 reflect lower utilization and average day rates as a result of the downcycle and Covid-19. Still we managed to protect our order book, secure new contracts and extensions, and generate a positive EBITDA. I am pleased about the organisation’s ability to adapt and manoeuvre under challenging circumstances.”

A complete version of the Q4 2020 earnings release and the Q4 2020 presentation can be downloaded from

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.

4 February 2021
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