Recent highlights Transforming agreement reached with Cosco for the Safe Eurus, Safe Nova and Safe Vega Financial runway being extended Improved Q2 utilisation of 45.8 (38.5) per cent in the quarter EBITDA of USD 57.1 (26.4) million…
Agenda Financial results Business & Operations Outlook Strategy & Summary 4
Income statement CONDENSED CONSOLIDATED INCOME STATEMENT (Unaudited figures in USD million) Q2 18 Q1 18 Q2 17 6M 18 6M 17 2017 - Higher revenues due to higher utilisation, cost control and total dayrates Operating revenues 100.3 82.8…
Balance sheet CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (Unaudited figures in USD million) 30.06.18 31.03.18 31.12.17 30.06.17 - Total assets of about USD 2 bn Goodwill 0.0 0.0 0.0 226.7 Vessels 1,475.2 1,501.1 1,527.2…
Cash break-even EBITDA and cash position 300 Good cash flow and strong cash 250 position Operating cash-flow of USD 43.5 200 million in Q218 Cash Balances Q2' 18 150 Strong cash position: USD 274.6 Cash Neutral at EBITDA…
Agenda Financial results Business & Operations Outlook Strategy & Summary 8
The Prosafe transformation 2018 - Agreement with Cosco & Lenders Positioning for the next phase 1 2 3 Cosco Vessels Cosco Agreement Debt Facilities Enhancements Safe Eurus o Average price per vessel ca. MUSD o Liquidity: Amortisation…
The Prosafe transformation 2018 - Reshaping the fleet From aging to modern fleet with economic life and earnings potential ahead Development in Prosafes fleet The fleet Average fleet age 31 22 13 Number of units 11 9 10 Bristolia…
Update on Westcon dispute Ruling on 8 March: The Court issued its judgement in favour of Prosafe, and decided that Westcon must pay Prosafe NOK 344 million plus interest and NOK 10.6 million legal costs. Westcon has filed an…
Agenda Financial results Business & Operations Outlook Strategy & Summary 12
Firm order backlog development Firm Order Backlog Order backlog USDM 1 800 development to date 1 600 reflecting industry 1 400 downturn 1 200 However recent 1 000 contracts, ongoing 800 1635 1541 tenders and prospect list…
New contracts/ extensions after Q2 7-month contract with Aker BP for the provision of the Safe Scandinavia at the Ula platform on the NCS The contract commenced end-August 2018 providing gangway connected operations to support…
Current fleet status Contract backlog Contracting update Fixtures summer 2018 o Safe Scandinavia 7 months firm commencing September 2018 plus 8 months of options with Aker BP at Ula, NCS o Safe Concordia 200 days firm plus 15…
Market anticipated to normalise as MMO returns Share of market (ca.) 25% 75% 0-10% Market visibility High Low Medium Lead time Long Short Medium Average duration 8 months 6 months Anticipated longer Project sanctioning, Age of…
Demand to return on back of MMO activity Platforms are usually designed to be in NCS platforms with original lifetime . and with approved + possible lifetime extensions operation for 10-25 years 1980 2000 2020 2040 1980 2000 2020 2040…
International markets to demand high end vessels Brazil Brazil Demand and Supply Near Balance (vessel yrs) Prosafe units that meet the current and anticipated 12 future technical specifications for Petrobras 10 requirements operating…
Prospects & Tendering Global Opportunities Tendering Activity 3 year Profile 12 tenders ongoing for 2018 through 2020 double the amount since Q1 2018 6 tenders with commencement dates in 2019 17 North Sea prospects with high…
Agenda Financial results Business & Operations Outlook Strategy & Summary 20
Summary Prosafe transformed with Cosco agreement as market indicators turn positive Financial runway to be extended Improved utilisation Improved EBITDA Several new contracts and contract extensions after end of Q2 Continued…
Appendix 23
Operating revenue (USD million) Q2 18 Q1 18 Q2 17 6M 18 6M 17 2017 Charter income 79.0 67.8 56.3 146.8 122.6 256.1 Other income (incl amortization of fees) 21.3 15.0 5.4 36.3 14.8 26.9 Total 100.3 82.8 61.7 183.1 137.4…
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