Second quarter and first half report 2021
Second quarter and first half report 2021

Second quarter and first half report 2021

 (Figures in brackets refer to the corresponding period of 2020)

Reported EBITDA  for the second quarter was USD 18.1 million (USD 10.1 million negative), reflecting a high activity level with a utilization rate of 65.8%. Liquidity reserve of USD 119.9 million at the end of the quarter.

As per previous press releases, the Company received formal support from a clear majority of its lenders on the comprehensive and material restructuring of the financial indebtedness of the group (the “Transaction”). On completion of the Transaction, this will result in a significant de-leveraging of the balance sheet with debt reduction, corresponding reduction in annual debt service and a more robust financial situation. Post implementation, existing banks/creditors will own 99% of the equity and current shareholders and convertible bond holders will own 1% of the equity.

Recent highlights

  • Operating status and financial results:
    • Utilisation of 65.8% in Q2 (6.5%)
    • Reported EBITDA of USD 18.1 million (USD 10.1 million negative)
    • Cash flow from operations was USD 21.9 million negative (USD 5.5 million negative). Higher negative cash flow from operations for the period was mainly due to an increase in debtors, which was driven by higher vessel activities
  • Liquidity reserve of USD 119.9 million (USD 177.5 million)
  • Operations and commercial:
    • 5 of 7 vessels were on contract in the quarter
    • Further options for Safe Boreas, Safe Zephyrus and Safe Caledonia were exercised
    • Ongoing tenders in Brazil and the North Sea

Jesper K. Andresen, Prosafe’s CEO says, “The first half of the year has been characterized by high operational activity, with 5 out of 7 vessels in operation, and we are pleased to see this reflected in both improved financial results as well as good HSE performance. We are further pleased to have reached agreement with a clear majority of our lenders for a more robust financial solution which will be implemented and effective before year end 2021. Against that we will be much better positioned to protect and create value as opportunities arise, and focus our efforts on commercial activities and on delivering safe, efficient and increasingly more environmentally friendly operations.”

A complete version of the Q2 2021 earnings release and the Q2 2021 presentation is attached and can be downloaded here:

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

19 August 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

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