Prosafe Se · OSL:PRS

Prosafe — Q3 2021 Earnings Presentation

17 slides from Prosafe's earnings presentation, Nov 4, 2021

  1. Slide 1: Q3 2021 results and business update

    4 November 2021 Q3 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 all lenders.  The EGM approved the solution on 27 September 2021  Agreement with Westcon reached on 14 October 2021  The Singapore Scheme was sanctioned on 18 October 2021  The Norwegian credit

  5. Slide 5: Agenda

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

  6. Slide 6: Highlights – Q3 2021

    Highlights – Q3 2021  Operating status and financial results: • Utilisation of 70.9% in Q3 (16.4%) • EBITDA of USD 12.5 million (USD 1.2 million negative) • Positive cash flow from operations of USD 17.3 million (USD 12.3 million negative) • Liquidity reserve of USD 107.1 million (USD 164.5 million

  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 Q3 (Unaudited figures in USD million) 2021 2020  Fleet utilisation of 70.9% (Q3 2020: 16.4%) Operating revenues 46 12  Higher operating revenues and expenses mainly Operating expenses (33) (13) due to high activity level and high utilisation for the Operating results before deprec

  9. Slide 9: Balance sheet

    Balance sheet (Unaudited figures in USD million) 30.09.21 30.09.20 Vessels 400 419  Total assets of USD 550 million New builds 0 1 Other non-current assets 2 3 Total non-current assets 403 423  Liquidity reserve per Q3 2021 of USD 107 Cash and deposits 107 165 Other current assets 40 14 million af

  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. The contract was extended by 35 days with a further 42 days of options available  Safe Notos: on contract with Petrobras through to at least 1

  12. Slide 12: Order backlog per Q3 2021 (USD million)

    Order backlog per Q3 2021 (USD million) * The recently awarded contract by TotalEnergies is not included in orderbook per Q3 2021 12

  13. Slide 13: Summary

    Summary  The financial restructuring process is on track with closing anticipated before or around year-end 2021  High utilization (70.9%) and reported EBITDA of USD 12.5 million  Liquidity reserve of USD 107.1 million  Positive cash flow from operations of USD 17.3 million (USD 12.3 million neg

  14. Slide 14: Appendix

    Appendix ey Prosafe

  15. Slide 15: Development of operating results

    Development of operating results 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) Q3 21 Q3 20 Q2 21 2020 Charter income 39.4 10.9 43.2 53.0 Other income 6.4 0.8 6.7 3.7 Total 45.8 11.7 49.9 56.7 17

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