(Figures in brackets refer to the corresponding period of 2019)
Reported EBITDA for the third quarter was negative by USD 1.2 million (USD 26.3 million positive), reflecting low activity. The company successfully protected its order book through the Covid-19 pandemic. Liquidity reserve per end of quarter is USD 164.5 million. The process with lenders for a sustainable financial solution remains constructive. 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.
Recent highlights
Jesper K. Andresen, Prosafe’s CEO says, “We are pleased that our organisation has been able to adapt and ensure stability and safety through a very demanding period. Importantly, we have been able to protect our order backlog through Covid-19 by agreeing with clients to move contracts from 2020 to 2021. In addition, we are now observing a slight increase in prospects and tendering activity, especially in the North Sea, for 2021 and 2022. We firmly believe that we are well positioned to ensure our share of this new work.”
A complete version of the Q3 2020 earnings release and the Q3 2020 presentation can be downloaded from www.prosafe.com and www.newsweb.no
Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com
5 November 2020
Prosafe SE
For further information, please contact:
Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155
Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 51 64 25 17 / +47 478 07 813
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act
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