11 September 2019 Pareto Oil & Offshore Conference
Contents Who we are Fleet status Strategy: Plan the work, work the plan Merger update Conclusion: Prosafe anno 2019 3
Who we are Prosafe is a leading owner and operator of semi-submersible 1 accommodation vessels globally Worlds most diversified fleet of 7 semi-submersible 2 accommodation-, service- and safety vessels, 2 new-builds at yard and 1…
Contents Who we are Fleet status Strategy: Plan the work, work the plan Merger update Conclusion: Prosafe anno 2019 5
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…
Contents Who we are Fleet status Strategy: Plan the work, work the plan Merger update Conclusion: Prosafe anno 2019 7
The key focus areas since 2016 1 2 3 4 5 Modernise the Liquidity and long- Commercial wins Reduce the cost base Global consolidation fleet term financing 8
1 Modernize the fleet - Transformative agreement with Cosco in 2018 Fleet renewal Prosafe fleet COSCO agreement: Bristolia Agreement for delivery and financing of three new-builds Astoria 55 million cash discount 431m sellers…
2 Liquidity and long-term financing in place Available liquidity and debt maturity overview Key terms 1 200 Minimum cash covenant of USD 65 million. Other 1 000 covenants deferred 800 Assume maturity of the main Limited fixed…
3 Commercial win record - 100% North Sea win record in 2018 and 2019 Tender win rate Global tender activity 16 North Sea Global 100% 100% 14 12 10 54% 8 50% 50% 6 4 20% 17% 2 10% 0 2012 2013 2014 2015 2016…
4 Reduce the cost base - Cost levels significantly reduced SG&A* costs down by 50% since 2015 CPD down 35% on average SG&A costs of active vessels per year (excl. Bareboats) Opex NCS UK NCS UKCS Brazil (CPD (TSV) 45 10 USD 41 9 9 9…
4 Reduce the cost base - Prosafe won. Westcon appealed. Ruling on 8 March 2018: 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…
5 Global consolidation - Merging with Floatel Prosafe fleet Floatel fleet Modern Superior Victory Endurance Triumph semis Nova Vega Eurus Core modern fleet with an Zephyrus Notos Concordia Boreas average age of 4.4…
Delivering on the key focus areas since 2016 1 2 3 4 5 Modernise the Improve long-term Reduce the cost Commercial wins Consolidation fleet financing base 3 2023 100% 50% Floatel New-builds North Sea win rate SG&A reduction…
Contents Who we are Fleet status Strategy: Plan the work, work the plan Merger update Conclusion: Prosafe anno 2019 16
Update: Merger process with Floatel Creditor process Prosafe and Floatel have received support from their majority banks to the merger subject satisfactory documentation, approval by Floatel bondholders, competition authorities and…
Contents Who we are Fleet status Strategy: Plan the work, work the plan Merger update Conclusion: Prosafe anno 2019 18
Prosafe anno 2019 Transformed and repositioned o Worlds largest fleet of semi-submersible offshore accommodation The largest and most vessels (8+2 units) 1 modern fleet o Two new-builds at Cosco with one delivered summer of 2019 o 50%…
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