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Prosafe SE (PRSO.OL)

PRSO.OL on Oslo Stock Exchange

23 May 2017
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Latest Key Developments (Source: Significant Developments)

Prosafe Q1 EBITDA $30.8 million below forecast
Thursday, 11 May 2017 12:55am EDT 

May 11 (Reuters) - Prosafe Se :q1 net result $-19.1 million (Reuters poll $-14.2 million).q1 ebitda $30.8 million (Reuters poll $32.7 million).Further scrapping and industry restructuring will be required in addition to activity increase, for offshore accommodation market to recover.The market remains generally soft and current accommodation activity is predominantly related to hook-up and commissioning work. Market improvement will require the maintenance and modification part of the market to return.After several years of sharp decline in the global E&P spending, the company now sees market expectations of only moderate E&P capex reduction in 2017 and an increase in 2018/2019.  Full Article

Prosafe wins $51-53 mln contract with Statoil at Sverdrup
Wednesday, 26 Apr 2017 12:58am EDT 

April 26 (Reuters) - Prosafe Se :Statoil has awarded Prosafe a contract for the provision of the Safe Zephyrus semi-submersible accommodation vessel for Phase 1 of the Johan Sverdrup hook-up and commissioning project in the Norwegian sector of the North Sea.Contract duration will be one of three scenarios available to Statoil for nomination in early august 2017; either a 12 month firm period from late Q2 2018, or a 12 month firm period from late Q3 2018 with 4 months of options, or lastly 5 months firm from late Q2 2018 plus 6 months of options and 4 months firm from Q2 2019 plus 4 months of options.Value of contract firm period will be between musd 51 and musd 53 including fuel, mobilisation and demobilisation depending on scenario nominated.Revenue generated from provision of catering services is in excess of total value.  Full Article

Prosafe's Q1 fleet utilisation was 40 per cent
Friday, 21 Apr 2017 12:59am EDT 

April 21 (Reuters) - Prosafe Se :Fleet utilisation rate in Q1 of 2017 was 40 per cent.Regalia, Safe Bristolia, Safe Astoria and Safe Regency were idle in the quarter.Safe Regency is laid up in Curaçao and the company has taken the decision to sell the vessel for scrap in the near term.The Safe Eurus is in a preserved, strategic stacking mode with COSCO (Qidong) Offshore Co., Ltd. (COSCO) in China.Prosafe remain in negotiations with COSCO and related parties for a workable commercial solution for Safe Nova and Safe Vega.If no agreement is reached, Prosafe has the right to claim cancellation of the newbuilding contracts due to delay and claim repayment of the instalment paid including interest of approx. USD 60 million secured by a refund guarantee from Bank of China.  Full Article

Prosafe's acting CEO bought 26,500 shares
Friday, 10 Feb 2017 05:44am EST 

Prosafe Se : Acting CEO Stig Christiansen has today purchased 26,500 shares in Prosafe se at an average price of NOK 37.5468 per share .Christiansen's total shareholding in Prosafe SE is 26,500 shares.  Full Article

Prosafe appoints Jesper Kragh Andresen as its new CEO
Thursday, 9 Feb 2017 01:02am EST 

Prosafe SE : Says Jesper Kragh Andresen, former CEO of Axis Offshore, was appointed its new Chief Executive Officer (CEO) . Says Stig H. Christiansen was appointed as deputy CEO and chief financial officer (CFO) . Prosafe says Georgina Georgiou will continue as general manager of parent company Prosafe SE . Says further cost measures are being implemented during 2017 . Says the company will now focus even more toward external market and on improving supply side of industry . The new organisation will be effective 1 March 2017 .Prosafe owns and operates semi-submersible accommodation rigs.  Full Article

Norway's rig firm Prosafe Q4 EBITDA $78 mln, above expectations
Thursday, 9 Feb 2017 12:59am EST 

Prosafe SE : Prosafe Q4 EBITDA $78 million (Reuters poll $63.7 million), versus $51.4 mln in Q4 2016 . Says higher EBITDA was due to an improved cost performance both onshore and offshore . Says fleet utilisation in Q4 was 43 percent vs 63 pct the same quarter a year ago . Says an impairment of $84.7 million has been charged to income statement in Q4 due to few prospects in the foreseeable future for the smallest vessel in the fleet, the Safe Astoria . Says market is at or is near bottom of cycle and that one can anticipate a gradual recovery in demand and utilisation from 2018 .Says continues to rebuild its position by taking the lead in respect of cost efficiency, scrapping, fleet renewal and consolidation while retaining its focus on safe operations.  Full Article

Prosafe says completes purchase of Dan Swift shares
Thursday, 29 Dec 2016 06:41am EST 

Prosafe SE : Prosafe SE says completed acquisition of Dan Swift shares .Prosafe says has issued to Axis Offshore as in-kind consideration subordinated zero coupon convertible bonds in total amount of 82.7 mln Norwegian crowns, convertible into 2.76 million shares at a conversion price of 30 crowns per share.  Full Article

Rig firm Prosafe increases revenues in Q2, market outlook remains uncertain
Wednesday, 24 Aug 2016 02:35am EDT 

: Rig operator Prosafe says revenues for q2 of 2016 were usd 115.4 million (usd 92.5 million in Q2 2015) . Prosafe says q2 operating profit was usd 32.5 million (usd 22.8 million in Q2 2015) . Prosafe says q2 net profit usd 5.2 million (usd 12.2 million in Q2 2015) . The fleet utilisation rate in the second quarter of 2016 was 41 per cent (58 per cent in Q2 2015) . Says the increase in revenues reflect that high day rate units have been on contract during the second quarter this year as opposed to last year. This has been partly offset by the closure of the Gulf of Mexico contracts which generated relatively low day rates . Prosafe says market outlook remains uncertain in near term, and although there are a number of prospects, 2017 is expected to be low point in activity level . Prosafe says combined with continued focus on asset integrity and maintenance on offshore installations, company expects a gradual market recovery from 2018 onwards . Prosafe says has scrapped 3 vessels and it anticipates that other suppliers' vessels will be scrapped, on this basis it expects a more balanced market by 2020 . Prosafe says group's target remains to reduce annual costs by at least usd 30 to 40 million . Prosafe says the ongoing refinancing was approved by the requisite majorities in the Company's bond loans on 12 August 2016.  Full Article

Prosafe says may raise cash, delay rig delivery, cut capex
Wednesday, 1 Jun 2016 02:46am EDT 

Prosafe Se : Remains in constructive dialogue with its key stakeholders for purpose of improving company's financial situation . Says is evaluating, together with its advisors, different options that will secure a robust solution and sufficient runway for the Company throughout 2020, which may include a deleveraging of the balance sheet . Anticipates that company will deliver an ebitda in 2016 of between usd 170 mill and usd 220 mill and an ebitda in 2017 of between usd 110 and usd 140 mill depending on the outcome of certain contractual discussions with counterparties . Currently anticipates that a solution is within reach during summer . Continues work to optimise its operating model, fleet composition and fleet utilization, as well as cost and spend levels . current discussions are based on a balanced solution involving new capital, amortization relief and covenant ease from the senior lenders and conversion (equitization) of all or parts of the outstanding unsecured bond debt .working to find an amicable solution regarding the delivery of the Safe Eurus to better fit its contractual obligations and to reduce actual 2016 capex compared to the USD 700 million guiding.  Full Article

Prosafe says to present updated financial plan in Q2
Thursday, 12 May 2016 02:31am EDT 

Prosafe Se : Q1 operating profit $21.9 million (reuters poll loss $13 million) . Q1 net loss $1.8 million (reuters poll loss $27 million) . Prosafe se says despite a recent increase in oil price, general market uncertainty remains and bidding activity is low . Prosafe se says therefore maintains a cautious view in near and medium term and anticipate a possible upturn from 2018 . Utilisation of fleet was 37 per cent in q1 of 2016 (80 per cent in q1 of 2015) . Prosafe se says is currently working with stakeholders and advisors to evaluate alternatives to improve financial situation . Prosafe se says company has obtained a reduced minimum liquidity bank covenant of usd 20 million until end of q3 2016 . Prosafe se says this temporary reduced level is applicable to both usd 1.3 billion facility and usd 288 million newbuild facility . Says will utilize 2nd skipped payment option that was granted by banks in previous amendment process closed around year end 2015 . Prosafe se says further amendments to bank and bond agreements will, however, be required in order to secure a robust financial foundation and to safeguard and further strengthen prosafe's market leading position in industry .Prosafe se says dialogue is constructive and company intends to communicate its updated financial plan during q2 of 2016.  Full Article

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