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2Q 2019 Earnings Presentation – Prosafe Se

Prosafe Se · Aug 22, 2019 · 16 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. 2Q 2019 Earnings Presentation – Prosafe Se – slide 1
    22 August 2019 Q2 2019 results and market update
  2. 2Q 2019 Earnings Presentation – Prosafe Se – slide 2
    Agenda Highlights Financial results Operations & Outlook Update: Merger process with Floatel Summary 3
  3. 2Q 2019 Earnings Presentation – Prosafe Se – slide 3
    Highlights Q2 2019 Utilisation Utilisation of 71.6% (45.8%) Financial results Reported EBITDA was USD 53.1 million. Underlying EBITDA in the quarter adjusted for non-recurring items was USD 36.9 million Cash flow from operations…
  4. 2Q 2019 Earnings Presentation – Prosafe Se – slide 4
    Agenda Highlights Financial results Operations & Outlook Update: Merger process with Floatel Summary 5
  5. 2Q 2019 Earnings Presentation – Prosafe Se – slide 5
    Income statement High fleet utilisation at 71.6% (Q2 2018: 45.8%). (Unaudited figures in USD million) Q2 19 Q2 18 Lower operating revenues despite higher utilisation due to 75 100 lower average dayrates approx. USD 123k in 2019 vs…
  6. 2Q 2019 Earnings Presentation – Prosafe Se – slide 6
    Balance sheet (Unaudited figures in USD million) 30.06.19 31.03.19 30.06.18 Vessels 1,379 1,401 1,475 Total assets of USD 1.7 billion. New builds 149 126 125 Other non-current assets 3 3 10 Liquidity reserve incl. committed…
  7. 2Q 2019 Earnings Presentation – Prosafe Se – slide 7
    Agenda Highlights Financial results Operations & Outlook Update: Merger process with Floatel Summary 8
  8. 2Q 2019 Earnings Presentation – Prosafe Se – slide 8
    Order backlog per end Q2 2019 Order Backlog (USD million) Prosafes firm backlog was USD 199 million Order backlog is improved from Q1 2019 9
  9. 2Q 2019 Earnings Presentation – Prosafe Se – slide 9
    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, either Safe Boreas or Safe Zephyrus will…
  10. 2Q 2019 Earnings Presentation – Prosafe Se – slide 10
    Prospects & tendering Global opportunities Tendering activity 3 year rolling forecast 10 tenders ongoing for 2019 through 2021 Three tenders ongoing in Brazil, however, general tender activity decreased in Q2 MMO will be key for…
  11. 2Q 2019 Earnings Presentation – Prosafe Se – slide 11
    Agenda Highlights Financial results Operations & Outlook Update: Merger process with Floatel Summary 12
  12. 2Q 2019 Earnings Presentation – Prosafe Se – slide 12
    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…
  13. 2Q 2019 Earnings Presentation – Prosafe Se – slide 13
    Agenda Highlights Financial results Operations & Outlook Update: Merger process with Floatel Summary 14
  14. 2Q 2019 Earnings Presentation – Prosafe Se – slide 14
    Summary High activity Utilisation of 71.6% (45.8%) Lower average dayrates (approx. USD 123k in 2019 vs approx. USD 235k in 2018) Three recent contract awards Total liquidity reserve of USD 241 million MMO will be key for activity…
  15. 2Q 2019 Earnings Presentation – Prosafe Se – slide 15
    Appendix 16
  16. 2Q 2019 Earnings Presentation – Prosafe Se – slide 16
    Operating revenue (USD million) Q2 19 Q1 19 Q2 18 2018 Charter income 63.7 56.8 91.2 293.2 Other income 11.6 10.5 9.1 37.6 Total 75.3 67.3 100.3 330.8 17

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