Prosafe Se · OSL:PRS

Prosafe — Q2 2021 Earnings Presentation

17 slides from Prosafe's earnings presentation, Aug 19, 2021

  1. Slide 1: Q2 2021 results and business update

    19 August 2021 Q2 2021 results and business update

  2. 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.

  3. Slide 3: Agenda

    Agenda  Update on the financial restructuring process  Highlights  Financial results  Commercial update & Summary 3

  4. Slide 4: Update on financial restructuring process

    Update on financial restructuring process  The financial process is on track with formal support from a clear majority of the lenders.  As announced on 2 August 2021, the Singapore Court granted the Convening Applications from Prosafe in full. The Company therefore assumes that the solution will b

  5. Slide 5: Agenda

    Agenda  Update on financial restructuring process  Highlights  Financial results  Commercial update & Summary 5

  6. Slide 6: Highlights – Q2 2021

    Highlights – Q2 2021  Operating status and financial results: • Utilisation of 65.8% in Q2 (6.5%) • Reported EBITDA of USD 18.1 million (USD 10.1 million negative) • Cash flow from operations was USD 21.9 million negative (USD 5.5 million negative). Higher negative cash flow from operations in the

  7. Slide 7: Agenda

    Agenda  Update on the financial restructuring process  Highlights  Financial results  Commercial update & Summary 7

  8. Slide 8: Income statement

    Income statement Q2  Fleet utilisation of 65.8% (Q2 2021: 6.5%) (Unaudited figures in USD million) 2021 2020 Operating revenues 50 5  Higher operating revenues mainly due to high Operating expenses (32) (15) activity level and high utilisation for the quarter Operating results before depreciation

  9. Slide 9: Balance sheet

    Balance sheet (Unaudited figures in USD million) 30.06.21 30.06.20  Total assets of USD 579 million Vessels 407 426 New builds 0 1  Liquidity reserve per Q2 2021 approx. USD 120 Other non-current assets 3 3 million Total non-current assets 410 431 Cash and deposits 120 178  The increase in other

  10. Slide 10: Agenda

    Agenda  Update on the financial restructuring process  Highlights  Financial results  Commercial update & Summary 10

  11. Slide 11: Fleet status: Contracts, wins and extensions

    Fleet status: Contracts, wins and extensions Contract backlog Contracting update  Safe Concordia: commenced a 117-day contract in Trinidad on 25 July 2021  Safe Notos: on contract with Petrobras through to mid-November 2021  Safe Eurus: on contract with Petrobras  Safe Boreas or Safe Zephyrus: 9

  12. Slide 12: Order backlog per Q2 2021 (USD million)

    Order backlog per Q2 2021 (USD million) 12

  13. Slide 13: Summary

    Summary  The financial restructuring process is on track with closing anticipated before or around year-end 2021  Operating status and financial results: • Utilisation of 65.8% in Q2 (6.5%) • Reported EBITDA of USD 18.1 million (USD 10.1 million negative) • Cash flow from operations was USD 21.9 m

  14. Slide 14: Appendix

    Appendix ey Prosafe

  15. Slide 15: Development of operating results

    Development of operating results  This quarter had the best operating result of the last five quarters 15

  16. Slide 16: Liquidity reserve & Net interest-bearing debt

    Liquidity reserve & Net interest-bearing debt 16

  17. Slide 17: Operating revenue

    Operating revenue (USD million) Q2 21 Q2 20 Q1 21 2020 Charter income 43.2 4.4 15.1 53.0 Other income 6.7 0.1 0.9 3.7 Total 49.9 4.5 16.0 56.7 17

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