Prosafe Announces Fourth Quarter 2020 Results

Source: www.gulfoilandgas.com 2/4/2021, Location: Europe

Recent highlights
- Successfully maintained its order backlog through Covid-19, although utilization in 2020 was significantly impacted

Operating status and financial results
- Utilisation of 25% in Q4 (23%)
- Despite lower average day rates, reported EBITDA of USD 0.7 million (USD 6.4 million negative) due to good cost performance; while the underlying EBITDA adjusted for one-offs was USD 2.8 million (USD 0.4 million negative)
- Cash flow from operations was USD 2.3 million negative (USD 9.5 million positive)

Commercial status
- Secured a 90-day contract with an option of up to 60 days for ConocoPhillips commencing Q2 2022
- Secured an extension for the Safe Notos with Petrobras in Brazil through to mid-November 2021, with a 30-day SPS time-out in Q1 2021
- Awarded a 117-day contract in Trinidad commencing June/July 2021 for the Safe Concordia

Ongoing tenders for 2021 and 2022
- Total liquidity reserve of USD 160.3 million at year-end 2020 (USD 198.1 million)

Remains in constructive dialogue with lenders regarding a sustainable financial solution and aims to conclude as soon as possible. Although it is too early to say what a final solution may look like, it is anticipated that there will be a significant equalization of debt which is likely to result in minimal or no recovery for current shareholders.

Jesper K. Andresen, Prosafe’s CEO says, “The financial results for the fourth quarter of 2020 and for the full year 2020 reflect lower utilization and average day rates as a result of the downcycle and Covid-19. Still we managed to protect our order book, secure new contracts and extensions, and generate a positive EBITDA. I am pleased about the organisation’s ability to adapt and manoeuvre under challenging circumstances.”


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