Prosafe SE: Third Quarter 2024 Results

(Figures in parentheses refer to the corresponding period last year)

November 14, 2024 – Prosafe SE reported EBITDA of $5.0 million ($8.4 million) for the third quarter of 2024. The company had four active vessels during the quarter.

Operations and HSSE

Good operating and safety performance on all vessels
Third quarter 2024 utilization of 57% (52%), four out of seven vessels in operation during the quarter
Safe Concordia, Safe Notos and Safe Eurus all had a 100% usage rate, Safe Zephyrus a 99% usage rate
Strong commercial performance with an order book almost doubled compared to the previous year
- Signing of the Safe Boreas and Safe Caledonia contracts, adding $137 million to the firm order book
- Safe Concordia contract extended until early March 2025, adding $13.1 million to firm backlog
- Safe Zephyrus expansion planned through Q3 2027 with Petrobras, potentially adding $105 million to order book
Backlog of US$400 million ($268 million), including planned Zephyrus expansion

Third Quarter Financial Results

Revenue of $34.6 million ($32.8 million) and EBITDA of $5.0 million ($8.4 million)
Operating cash flow of $9.1 million (-$14.0 million), positively impacted by the upfront payment of the Safe Caledonia contract
Investments of 2.8 million USD (5.7 million USD)
Liquidity position of $63.5 million, compared to $65.9 million at the end of the second quarter of 2024 and $74.6 million at the end of the fourth quarter of 2023
Increased order book and improved outlook create a platform to strengthen liquidity and achieve a sustainable capital structure
The refinancing process continues with an indicative refinancing requirement of approximately USD 400 million, including USD 343 million in debt maturities and additional liquidity to support drilling rig reactivations and investments.
Advisors have been appointed to support the refinancing process
Plan to complete the refinancing in the first half of 2025, an equity component should be part of the overall structure

Market and outlook

Brazilian market improving with recent tender and more long and short term contracts expected
North Sea operators plan future campaigns with tenders continuing for 2025 and discussions regarding requirements from 2026 to 2028
Increased usage and profit growth expected in coming years

Terje Askvig, CEO of Prosafe, says: “Prosafe is managing to build a strong order book for 2025 and beyond. Our recent commercial progress confirms the improving accommodation vessel market, led by strong demand in Brazil, supported by increased activity in the North Sea and other countries. combined with continued high operational efficiency, this provides a basis for profit growth and the achievement of a sustainable capital structure ahead of refinancing at maturity 2025.”

Presentation

Terje Askvig, CEO and Reese McNeel, CFO will present the results today at 10:00 CET at Pareto Securities, Dronning Mauds gate 3, 0115 Oslo.

The presentation is open to the public and can also be followed live via web streaming on

It will be possible to ask questions during the presentation using the Q&A tool integrated into the audiocast. These questions will be answered after the presentation.

A replay of the audio broadcast will be available on the Prosafe website shortly thereafter.

The press release and presentation for the third quarter of 2024 are attached and can be downloaded at www.newsweb.no (https://www.newsweb.no)

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange under the code PRS. For more information, please visit www.prosafe.com (https:///www.prosafe.com)

For more information, please contact:

Terje Askvig, CEO Telephone: +47 952 03 886

Reese McNeel, Financial Director Telephone: +47 415 08 186

This information is subject to disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Attachments

Prosafe Q3 2024 Presentation

Publication of third quarter 2024 results