Third quarter 2021 results
Third quarter 2021 results

Third quarter 2021 results

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

EBITDA for the third quarter was USD 12.5 million (USD 1.2 million negative), reflecting a high activity level with a fleet utilization rate of 70.9 per cent (16.4 per cent). The liquidity reserve was USD 107.1 million at the end of the quarter. Several contract extensions and two new contracts were secured.

As informed in previous press releases, the financial restructuring process is on track with formal support from all lenders. The Extraordinary General Meeting approved the solution on 27 September 2021 and the Singapore scheme was sanctioned on 18 October 2021. The Norwegian reconstruction process in underway, and the Company anticipates that the overall process will be completed before or around year-end 2021. Upon completion, this transaction will result in a significant de-leveraging of the balance sheet with approximately 75 per cent of debt reduction, debt service based on cash sweep and a more robust financial situation. Post implementation, existing banks/creditors will own 99 per cent of the equity and current shareholders will own 1 per cent of the equity.

Recent highlights

Operating status and financial results:

  • Fleet utilisation of 70.9 per cent in Q3 (16.4 per cent)
  • EBITDA of USD 12.5 million (USD 1.2 million negative)
  • Positive cash flow from operations of USD 17.3 million (USD 12.3 million negative)
  • Liquidity reserve of USD 107.1 million (USD 164.5 million)

Operations and commercial:

  • Good operational and HSE performance
  • 6 of 7 vessels were on contract in the quarter
  • Further options for Safe Boreas, Safe Zephyrus, Safe Caledonia and Safe Concordia were exercised
  • Safe Zephyrus was awarded a 10-month contract with up to 4 months options by bp for work in 2022
  • Safe Caledonia was awarded a 9-month contract with one 30-day option by TotalEnergies for work in 2022 after the quarter. The vessel will remain in-field over the winter period in between the current and the new contract
  • Ongoing tenders in Brazil

Jesper K. Andresen, Prosafe’s CEO says, “The third quarter was characterized by high activity, both operationally and commercially, resulting in improved financial results and an improved order backlog. We were awarded a ten-month contract for bp and a nine-month contract for TotalEnergies in 2022, and a number of options on current contracts were exercised. We are further pleased to note that the financial restructuring is on track, and we continue to anticipate that this will be completed before or around year-end 2021”.

A complete version of the Q3 2021 earnings release and the Q3 2021 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. For more information, please refer to

4 November 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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