The current discussions are based on a balanced solution involving new capital, amortization relief and covenant ease from the senior lenders and conversion (equitization) of all or parts of the outstanding unsecured bond debt. Furthermore, the Company is working to find an amicable solution regarding the delivery of the Safe Eurus to better fit its contractual obligations and to reduce actual 2016 capex compared to the USD 700 million guiding.
In parallel, the Company continues the work to optimise its operating model, fleet composition and fleet utilization, as well as cost and spend levels.
The Board currently anticipates that a solution is within reach during the summer. The Board further anticipates that the Company will deliver an EBITDA in 2016 of between USD 170 mill and USD 220 mill and an EBITDA in 2017 of between USD 110 and USD 140 mill depending on the outcome of certain contractual discussions with counterparties.
Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. The company operates globally, employs 850 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com
Larnaca, 1 June 2016
Georgina Georgiou, General Manager
For further information, please contact:
Stig Harry Christiansen, Acting CEO and CFO
Prosafe Management AS
Phone: +47 51 64 25 17 / +47 478 07 813
Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Phone: +47 51 64 25 20 / +47 991 09 467