Prosafe Se · OSL:PRS
Prosafe — Q1 2022 Earnings Presentation
23 slides from Prosafe's earnings presentation, May 12, 2022
Slide 1: Q1 2022 results and business update
12 May 2022 Q1 2022 results and business update
Slide 2: Disclaimer
Disclaimer All statements in this presentation other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate.
Slide 3: Agenda
Agenda Highlights Q1 2022 Financial results Q1 2022 Commercial update Status and strategy 3
Slide 4: Highlights – Q1 2022
Highlights – Q1 2022 Fleet utilisation and financial results • Fleet utilisation of 68.1 per cent (25.7 per cent), the highest first quarter utilisation rate since 2015 • EBITDA of USD 4.8 million for the quarter (negative USD 10.1 million) • Cash flow from operations in Q1 was negative 0.4 millio
Slide 5: Agenda
Agenda Highlights Q1 2022 Financial results Q1 2022 Commercial update Status and strategy 5
Slide 6: Income statement
Income statement Q1 Fleet utilisation of 68.1 per cent (Q1 2021: 25.7 (Unaudited figures in USD million) 2022 2021 per cent) Operating revenues 36 16 Higher operating revenues and expenses Operating expenses (31) (26) mainly due to higher activity level and higher Operating results before deprec
Slide 7: Balance sheet
Balance sheet (Unaudited figures in USD million) 31.03.22 31.03.21 Vessels 396 415 New builds 0 1 Total assets of USD 487 million Other non-current assets 2 3 Total non-current assets 397 419 Liquidity per Q1 2022 of USD 65 million Cash and deposits 65 142 Other current assets 25 25 Book equit
Slide 8: Agenda
Agenda Highlights Q1 2022 Financial results Q4 2021 Commercial update Status and strategy 8
Slide 9: At least 6 of 7 vessels working in 2022
At least 6 of 7 vessels working in 2022 Contract backlog Contracting update Safe Boreas: commenced a 90-day contract on the Norwegian Continental Shelf on 1 May 2022. The contract has an option of up to 60 days. Safe Boreas could come into contention for a 650- day contract with Petrobras. Safe
Slide 10: Order backlog improving and anticipated to further improve
Order backlog improving and anticipated to further improve Indicative order backlog (USD million)* Ongoing commercial processes 500 Significant increase in order backlog just after 450 quarter end Safe Notos: was awarded a four-year contract by 400 Petrobras as a result of a bid process conducte
Slide 11: Agenda
Agenda Highlights Q4 2021 Financial results Q4 2021 Commercial update Status and strategy 11
Slide 12: The largest owner of high-end offshore accommodation vessels
The largest owner of high-end offshore accommodation vessels - Controls 9 of the global fleet of about 23 vessels (incl. two newbuilds at yard) # vessels per construction year # of competitive accommodation vessels per operator Prosafe Others 14 Prosafe 9 12 Floatel 5 10 Cotemar 2 8 POSH 2 6 CIMC 2
Slide 13: Efficient cost and spend levels anticipated over the next years
Efficient cost and spend levels anticipated over the next years - Next SPS’es are in 2024-2026* Opex SPS Schedule Modern and versatile vessels with 10-30 2022 2023 2024 2025 2026 years remaining life Boreas SG&A costs of ca $14m per year Zephyrus Offhire cost of ca $3 – 12k/ day depending Euru
Slide 14: Oil & gas will play a key role through the energy transition
Oil& gas will play a key role through the energy transition Outlook Global energy supply according to IEA (EJ) The process of adapting to the energy Stated Policy Scenario Announced Pledges Sustainable transition will be complex and time Scenario Development Scenario 744 consuming. 671 674 651 Oil &
Slide 15: Markets tightening in Brazil and the North Sea
Markets tightening in Brazil and the North Sea North Sea: # vessels working* Brazil: # vessels working for Petrobras* 9 7 6 6 6 6 6 6 6 6 5 5 5 5 5 2 2016 2017 2018 2019 2020 2021 2022F Competitive 2016 2017 2018 2019 2020 2021 2022F Competitive supply Supply North Sea market tightening as all fiv
Slide 16: North Sea market: high 2022 activity. Positive indicators
North Sea market: high 2022 activity. Positive indicators North Sea # Fields in production (source: Spinergie) The NCS will continue to be attractive driven by cost competitiveness, 400 low emissions, and long-term oriented regulators 350 Norwegian activity is increasing after the introduction o
Slide 17: Brazil: Increasing activity and focus on high end vessels
Brazil: Increasing activity and focus on high end vessels Brazil Brazil FPSO Projects 2022 – 2025 (Source: Petrobras) 20 new FPSOs announced & planned to be installed over the next years Current FPSO fleet: (Let me revert here…need to ensure Some of existing fleet to be phased out but large po
Slide 18: Our strategic focus
Our strategic focus Drive consolidation of the offshore accommodation industry Continue to strive for best performance on safety and costs Continue to strive for commercial outperformance Actively address GHG emissions on our vessels 18
Slide 19: Summary – Q1 2022
Summary – Q1 2022 Q1 highlights • Fleet utilisation of 68.1 per cent (25.7 per cent), the highest first quarter utilisation rate since 2015 • Good operating performance and zero incidents in the quarter • Liquidity of USD 64.7 million (USD 141.7 million) at the end of the quarter • Safe Notos was
Slide 20: Appendix
Appendix ey Prosafe
Slide 21: Development of operating results
Development of operating results 21
Slide 22: Liquidity reserve & Net interest-bearing debt
Liquidity reserve & Net interest-bearing debt Over USD 1 billion improvement on net interest-bearing debt since December 2021 22
Slide 23: Operating revenue
Operating revenue (USD million) Q1 22 Q1 21 Q4 21 2021 Charter income 32.3 15.1 24.0 121.7 Other income 3.2 0.9 5.4 19.4 Total 35.5 16.0 29.4 141.1 23