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3Q 2019 Earnings Presentation – Prosafe Se

Prosafe Se · Nov 5, 2019 · 17 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 3Q 2019 Earnings Presentation – Prosafe Se – slide 1
    5 November 2019 Q3 2019 results and market update
  2. 3Q 2019 Earnings Presentation – Prosafe Se – slide 2
    Agenda Re-assessment of outlook and financial implications Merger update Financial results Summary 3
  3. 3Q 2019 Earnings Presentation – Prosafe Se – slide 3
    Re-assessment of outlook and financial implications Market outlook Financial implications A prolonged downturn and weaker Re-assessment of market outlook outlook in the North Sea in particular impacts cash-flow projections in the years…
  4. 3Q 2019 Earnings Presentation – Prosafe Se – slide 4
    Re-assessment of outlook and financial implications However, Prosafe has adequate liquidity of USD 216 million at the end of Q319 The company will commence dialogue with its lenders with a view to ensure sufficient flexibility for the…
  5. 3Q 2019 Earnings Presentation – Prosafe Se – slide 5
    Agenda Re-assessment of outlook and financial implications Merger update Financial results Summary 6
  6. 3Q 2019 Earnings Presentation – Prosafe Se – slide 6
    Update: Merger process with Floatel Merger among equals agreement with Floatel International Ltd. announced in June. Agreed exchange ratio in an all share transaction is 55/45 (PRS/FIL) on a fully diluted basis subject to competition…
  7. 3Q 2019 Earnings Presentation – Prosafe Se – slide 7
    Agenda Re-assessment of outlook and financial implications Merger update Financial results Summary 8
  8. 3Q 2019 Earnings Presentation – Prosafe Se – slide 8
    Q3 2019 in short Utilisation of 48.2% (48.1% in Q3 2018) Order backlog is USD 170 million per Q3 2019 Financial results Reported EBITDA was USD 26.3 million. Underlying EBITDA in the quarter adjusted for non-recurring items was USD…
  9. 3Q 2019 Earnings Presentation – Prosafe Se – slide 9
    Order backlog (USD million) per end Q3 2019 1000 900 800 481 700 483 600 500 38 400 36 36 300 36 67 78 486 449 443 67 37 200 375 42 21 304 273 100 232 209 199 184 159 170 0 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2…
  10. 3Q 2019 Earnings Presentation – Prosafe Se – slide 10
    Fleet status: Contracts, wins and extensions Contract backlog Contracting update Safe Caledonia contracted by Total UK for 162 days from mid-April 2020 with a 30-day option. Subsequently, Safe Zephyrus will conduct the Shearwater…
  11. 3Q 2019 Earnings Presentation – Prosafe Se – slide 11
    Streamlining and cash preservation The company is in process of further reducing its organisation in response to the reduced and volatile activity level Continued efforts to streamline operating costs and lay-up situations as well as…
  12. 3Q 2019 Earnings Presentation – Prosafe Se – slide 12
    Income statement (Unaudited figures in USD million) Q3 19 Q3 18 Impairments of USD 341 million as a result of re- assessment of market outlook Operating revenues 57 74 Operating expenses (30) (42) Fleet utilisation at 48.2% (Q3 2018:…
  13. 3Q 2019 Earnings Presentation – Prosafe Se – slide 13
    Balance sheet (Unaudited figures in USD million) 30.09.19 30.06.19 30.09.18 Vessels 1,016 1,379 1,451 Total assets of USD 1.5 billion. New builds 259 149 126 Other non-current assets 3 3 16 Rigs impaired by USD 341 million Total…
  14. 3Q 2019 Earnings Presentation – Prosafe Se – slide 14
    Agenda Re-assessment of outlook and financial implications Merger update Financial results Summary 15
  15. 3Q 2019 Earnings Presentation – Prosafe Se – slide 15
    Summary EBITDA of USD 26.1 million in the quarter Re-assessment of market outlook and consequent impairments of USD 341 million Sufficient liquidity of USD 216 million The company will initiate dialogue with lenders The company is…
  16. 3Q 2019 Earnings Presentation – Prosafe Se – slide 16
    Appendix 17
  17. 3Q 2019 Earnings Presentation – Prosafe Se – slide 17
    Operating revenue (USD million) Q3 19 Q2 19 Q3 18 2018 Charter income 46.8 63.7 61.8 293.2 Other income 9.7 11.6 11.8 37.6 Total 56.5 75.3 73.6 330.8 18

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