Prosafe SE reported EBITDA of USD 3.1 million (USD 6.6 million) for the second quarter and USD 7.7 (USD 13.8 million) for the first half of 2025.
OPERATIONS, HSSE AND BACKLOG
- Good operating performance on all vessels.
- Utilisation of 66%, four out of five vessels operating during the quarter
- Safe Zephyrus, Safe Eurus and Safe Notos operating at 99% utilisation in Brazil
- Safe Caledonia commenced operations at the Captain Field in the UK on 2 June
- Safe Boreas arrived in Singapore in July ahead of upcoming contract in Australia
- Safe Notos awarded four-year contract with Petrobras in Brazil, commencing September 2026 in continuation of its existing contract at significantly increased dayrate
- USD 518 million in backlog (USD 323 million) including options/LOIs
Q2 AND FIRST HALF FINANCIALS
- Q2 revenues of USD 30.9 million (USD 34.2 million) and USD 63.9 million (USD 68.2 million) in H1
- EBITDA of USD 3.1 million (USD 6.6 million) for Q2 and USD 7.7 million (USD 13.8 million) for H1
- Cash flow from operations of USD 12.2 million (USD 15.5 million) in Q2 and USD 40.8 million (USD 14.1 million) in H1, including contract prepayments related to the Safe Boreas and Safe Caledonia
- Capex of USD 14.5 million (USD 4.2 million) for Q2 and USD 35.7 million (USD 5.9 million) for H1 due to reactivation of Safe Boreas and Safe Caledonia
- Liquidity position of USD 45 million, compared to USD 46.8 million at year-end 2024
RECAPITALISATION
- Recapitalisation completed on 21 July 2025 with the equitisation of USD 193 million of debt for 90% of the shares in the company
- Transaction provides a sustainable capital structure and sufficient liquidity to meet capital expenditure and working capital needs for the foreseeable future
MARKET AND OUTLOOK
- Expected 2025 EBITDA of USD 35 to 40 million
- Estimated post recapitalisation net debt of USD 220 million
- Petrobras awards confirm rising day rates and durations on higher demand
- Further tenders expected in Brazil
- North Sea UK and Norway campaigns with focus on 2027 and beyond
- Increased firm backlog, improved market and recapitalisation position Prosafe for improved earnings
Terje Askvig, the CEO of Prosafe, says, 'The completion of the recapitalisation is a significant milestone for Prosafe, strengthening our balance sheet and providing a sustainable capital structure. We are well positioned to deliver increased earnings going forward supported by a growing backlog and higher utilisation in an improving global offshore accommodation market.'
Source: Prosafe
