Prosafe Se · OSL:PRS

Prosafe — Q3 2020 Earnings Presentation

19 slides from Prosafe's earnings presentation, Nov 5, 2020

1. Slide 1: Q3 2020 results and business update

   5 November 2020 Q3 2020 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  Highlights  Update on financial situation  Financial results  Strategy & Summary 3

4. Slide 4: Highlights – Q3 2020

   Highlights – Q3 2020  Successfully protected order backlog through Covid-19, although utilization in 2020 specifically is marginalized  Operating status and financial results • Utilisation of 16.4% in Q3 (48.2%) • Reported EBITDA of USD 1.2 million negative • Cash flow from operations was USD 12.3

5. Slide 5: Agenda

   Agenda  Highlights  Update on financial situation  Financial results  Strategy & Summary 5

6. Slide 6: Update on financial situation

   Update on financial situation  The process with the lenders to agree a sustainable financial solution is constructive and progressing while lenders reserve their rights. Although it is too early to say what a final solution may look like, it is anticipated that there will be a significant equitizat

7. Slide 7: Agenda

   Agenda  Highlights  Update on financial situation  Financial results  Strategy & Summary 7

8. Slide 8: Income statement

   Income statement Q3  Low fleet utilisation at 16.4% (Q3 2019: 48.2%) due to (Unaudited figures in USD million) 2020 2019 commercial developments driven by Covid-19 and the oil price collapse. Contracts deferred to 2021 Operating revenues 12 57  Lower operating revenues due to low utilisation Opera

9. Slide 9: Balance sheet

   Balance sheet 30.09.20 30.09.19 (Unaudited figures in USD million)  Total assets of USD 602 million, significantly reduced from Vessels 419 1,016 the same quarter last year mainly due to the impairments New builds 1 259 carried out in Q3 2019 and Q1 2020 Other non-current assets 3 3 Total non-curre

10. Slide 10: Agenda

    Agenda  Highlights  Update on financial situation  Financial results  Strategy & Summary 10

11. Slide 11: Strategy & focus areas

    Strategy & focus areas 1. Goal • Aims to protect and create value from being a leading provider of offshore accommodation services globally 2. Commercial • Keep vessels working • Best in class OPEX in operations and in lay-up • Efficiency through core teams and HSSEQ excellence 3. Financing and liqu

12. Slide 12: Fleet status: Contracts, wins and extension

    Fleet status: Contracts, wins and extension Contract backlog Contracting update  Safe Concordia currently laid up in Brazil waters and available for contracting  Safe Notos on standby rate since early August and resumed operation early October with remaining contract through to mid-November.  Saf

13. Slide 13: Order backlog per end Q3 2020 (USD million)

    Order backlog per end Q3 2020 (USD million) 2500  Prosafe protects its order 2000 878 book by moving contracts from 2020 to 2021 649 604 1500 610 621  Order backlog per end of Q3 604 598 2020 was USD 114 million 593 564  The newly secured 90-day 1000 518 1541 481 483 1371 1239 contract on the Nor

14. Slide 14: Global oversupply of vessels

    Global oversupply of vessels - Fleet enhancement and consolidation remains on the agenda Global supply demand outlook 45 40 Total Supply: 38 Vessels 35 30 # Vessel Years 25 Scrapping required to balance market 20 15 10 5 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e

15. Slide 15: Summary

    Summary  Successfully protected order backlog through Covid-19, although utilization in 2020 specifically is marginalized  Operating status and financial results • Utilisation of 16.4% in Q3 (48.2%) • Reported EBITDA of USD 1.2 million negative • Cash flow from operations was USD 12.3 million nega

16. Slide 16: Appendix

    Appendix ey Prosafe

17. Slide 17: Development of operating results

    Development of operating results 17

18. Slide 18: Liquidity reserve & Net interest-bearing debt

    Liquidity reserve & Net interest-bearing debt 18

19. Slide 19: Operating revenue

    Operating revenue (USD million) Q3 20 Q3 19 Q2 20 2019 Charter income 10.9 46.8 4.4 191.7 Other income 0.8 9.7 0.1 33.7 Total 11.7 56.5 4.5 225.4 19

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