Prosafe Se (PRSEF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Q1 2025 presentation for ProSafe. so uh the last quarter or last you know this year actually been a very positive and active year for the company and we have reached several milestones and just the covering operation has been good in the quarter so no sort of unexpected events last we have a fixed as we have announced earlier the sephiris for another two and a half years in Brazil. That was an extension of a current contract. That means we do not have to go in and do sort of cleaning of the hull. So it actually has gone straight on to the new contract or the extension of the contract at a slightly higher rate. We did sell the Concordia and Scandinavia in the quarter. So that means that we're now left with the five core vessels. We are working on reactivation of Boreas and Caledonia. And of course, I will come back to the notice that we are in very good position to extend the contract or renew the contract for a notice for another four years. Numbers are fairly stable versus where we should be. And the cash position is quite strong. We will come back to that. I think, you know, what's the achievements in a quarter and looking forward, I think all the activity we see both in Brazil and West Africa, for that matter, other places, the market is looking, you know, we've talked about this for quarters, if not years, that it is improving and that is not now coming through. Well, a little bit on the refinancing. So we have now agreed the refinancing. We have a consensual deal. So all our lenders have agreed to this and it passed the EGM last week. So this is now we need to wrap it up. And we are sort of right now it looks like early Q3 is when this will close. That means that we will convert $193 million of debt into equity. That will result in 321 million new...