Prosafe Announces Fourth quarter 2021 results

Source: www.gulfoilandgas.com 2/11/2022, Location: Europe

EBITDA for the fourth quarter was USD 4.4 million (USD 0.7 million), reflecting a higher activity level with a fleet utilisation rate of 59.3 per cent (25.0 per cent). Following the completion of the restructuring in December 2021, the liquidity reserve at the end of the quarter was USD 74 million.

As informed in earlier press releases, the restructuring process was completed in December 2021 and resulted in a significant de-leveraging of the balance sheet with approximately 75 per cent of debt reduction, a corresponding reduction in annual debt service, USD 74 million in cash per year-end 2021 and in sum a significantly improved balance sheet and improved financial flexibility.

At the start of 2022, Prosafe is revitalized and well positioned for growth and value creation. The company has secured a high utilization for 2022 and has increased its order backlog.

On 27 January 2022, Prosafe SE implemented a 1,000:1 reverse split of the company's shares to satisfy the minimum requirement to market value of the issuer’s shares for listed companies.

Recent highlights

Operating status and financial results:
• Fleet utilisation of 59.3 per cent in Q4 (25.0 per cent)
• Fleet utilisation of 54.5 per cent in 2021 (20.4 per cent in 2020), which is the highest fleet utilisation rate since 2015
• EBITDA of USD 4.4 million in Q4 (USD 0.7 million)
• Positive net financial items of USD 1,042.7 million in Q4 (USD 21.8 million negative), mainly due to a one-off financial gain of USD 1,030.5 million arising from the completion of the restructuring process
• Cash flow from operations in Q4 was USD 35.6 million (USD 2.3 million negative), mainly due to higher vessel activity and the improvement in working capital since last quarter
• Liquidity reserve of USD 74 million (USD 160.3 million)

Operations and commercial:
• 5 of 7 vessels in operation in the quarter
• Safe Notos was awarded a contract extension till mid-July 2022
• Safe Concordia was awarded a 160-day contract with a four-week option by bp to support their operations offshore Trinidad. Start-up is in direct continuation of the current contract, estimated 24 March 2022
• Prosafe was the lowest bidder in a recent auction for a 4-year contract in Brazil. The post-auction process is ongoing

Jesper K. Andresen, Prosafe’s CEO says, “The financial restructuring was successfully completed in December 2021, resulting in a much improved financial situation. As we leave 2021 behind, Prosafe is revitalized and set for a fresh start. We are pleased to note a strengthened order backlog, positive macro indicators and an increasing activity level. In sum, Prosafe is well placed to push forward and create value for all stakeholders.”


United States >>  6/21/2022 - Enviva Inc. provided a business update in advance of planned investor meetings that included the reaffirmation of full-year 2022 financial guidance, p...
United States >>  6/21/2022 - Enviva Inc. announced that the Industrial Development Authority of Sumter County, Alabama (the “Issuer”), intends to issue its Exempt Facilities Reven...

Canada >>  6/20/2022 - Bengal Energy Ltd. announces its financial and operating results for the fourth quarter of fiscal 2022 ended March 31, 2022.

FOURTH-QUARTE...

Canada >>  6/20/2022 - STEP Energy Services Ltd. provides a second quarter operational and financial update.

SECOND QUARTER OPERATIONS UPDATE
STEP is pleased...


United States >>  6/20/2022 - Alkaline Fuel Cell Power Corp., a diversified investment platform focused on producing affordable, renewable, and dependable energy assets and cleante...
Malaysia >>  6/16/2022 - Sapura Energy Berhad (“Sapura Energy” or “the Group”), wishes to announce that its Drilling and Engineering & Construction (E&C) business segments, th...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.