Prosafe Se (PRSEF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Hello everyone and welcome to this Q4 2025 results presentation for ProSafe. My name is Reece McNeil and I am the CEO. I'd like to just highlight here to start off, you know, where we are. You know, ProSafe, we're the largest operator in the accommodation market. I think we have a very strong high-end fleet of five units, the leading position in Brazil. I think there's very strong market fundamentals, and today I want to spend a little bit more time on talking about the market that we're in, and we have a really strong focus, particularly the last quarters, on cost and improving our strategic position. Coming back a little bit to Q4, I was very happy with the Q4 results. I think Q4, if I look back, To get to the EBITDA that we had in Q4, we have to go back to 2022. So I think it was one of the strongest quarters we've had in many years. It's also a quarter where we had all five of our rigs operating and all five of our rigs earning. Again, we got to go back quite a while since we've seen that. And I think that's a reflection of how strong the market is. Also had a very strong operating performance with 100% fleet utilization, so basically essentially no downtime. So really strong operations and also good safety performance. A little bit on the marketing side, very important, of course, as well. We did sign an LOI for the Caledonia for 2027. Very happy about that. I think it's part and parcel of that LOI. Also, we have agreed to an upfront payment structure, so I think that's also going to be beneficial for us. And, of course, we're looking for additional work for the Caledonia to fill the gap, but very happy that we were able to secure something for the Caledonia. When we come to sort of CapEx and looking at CapEx going forward, we did move the SPSS, which we had ori...