Second quarter and first half 2019 report – Merger process with Floatel ongoing
Second quarter and first half 2019 report – Merger process with Floatel ongoing

Second quarter and first half 2019 report – Merger process with Floatel ongoing

Fleet utilisation in the second quarter of 2019 was 71.6 per cent, the highest since Q3 2015. Three new contracts were awarded since the last quarter. Reported EBITDA for the second quarter amounted to USD 53.1 million (USD 57.1 million). Cash flow from operations was USD 18.1 million (USD 43.5 million).

Recent highlights

  • On 3 June, Prosafe SE and Floatel International Ltd signed an agreement to merge their respective businesses to create a more cost efficient  company.
  • Prosafe SE completed the legal redomicilation from Cyprus to Norway.
  • High fleet utilisation of 71.6 per cent (45.8 per cent) with an average rate of USD 123k (USD 235k)
  • Improved firm orderbook of USD 199 million per Q2 2019 (USD 184 million).
  • Reported EBITDA was USD 53.1 million (USD 57.1 million) in the quarter. Underlying EBITDA in the quarter adjusted for one-off effects was USD 36.9 million.
  • Cash flow from operations at USD 18.1 million (USD 43.5 million).
  • A three-year contract was signed with Petrobras for the Safe Eurus in Brazil.
  • Equinor Brazil awarded a contract to the Safe Concordia for a firm duration of 120 days with up to 60 days of options.
  • Total UK awarded a contract to the Safe Caledonia for a firm period of 162 days plus one 30-day option.
  • Prosafe took delivery of the Safe Eurus on 4 July. 
  • Equinor exercised a one-month option for the Safe Boreas on 16 August.

Jesper K. Andresen, Prosafe’s CEO says, “Despite general low activity in the market, it is positive that we were awarded three contracts since the last quarterly report. Further, the merger process with Floatel International is high on our agenda these days, a merger that is needed to create a cost efficient and sustainable company for global offerings to our clients.”

A complete version of the Q2 2019 earnings release and the Q2 2019 presentation can be downloaded below.

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  

21 August 2019
The Board of Directors of Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO&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