Prosafe Se (PRSEF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to this second quarter 2035 result for ProSafe. As usual, we'll do it if anyone online have questions, please just send them to Ries and we'll read them out here and try to answer them as best we can at the end. So I would say that the quarter and the first half of this year up to date has been a very active year for the company. Of course, one of the major work streams has been the refinancing that we concluded the 21st of July. Very happy with that and great support from both our lenders and our shareholders in coming to a fully consensual deal with all parties. Otherwise, also in the operation, we have been quite active. We managed to secure a four-year extension on the safe notice. And we also sort of worked on reactivating the safe Caledonia and the safe Boreas in the first half. So that's sort of ongoing work on Boreas. And we also sold the safe Scandinavia in the second quarter. So all in all, a very active quarter. And I think, you know, the strategy, building backlog and refinancing, you know, that has been done. And we're looking forward. Numbers wise, we will come back to that. But basically, I think more or less in line with our expectation where we came in. on EBITDA and cash flow. We'll come back to that a bit later. Looking forward on the market in general, I would say that Brazil is still sort of the market that's driving our segment, while there is a little bit less visibility in the UK and the North Sea in general. On the refinancings, as I said, we concluded that on the 21st of July. So that's now all done. We converted $193 million of debt into equity for 90% of the company. So the existing shareholders are then getting 5% in addition to a penny warrant. And we are in the process of that. The warrants have been issued. And just to remind e...