Prosafe SE: Robust Short-Term Outlook, Optimistic About Long-Term

Norwegian offshore accommodation provider Prosafe SE stated in its half year results statement Friday that its short-term outlook was “robust” and the company is optimistic about long-term market conditions, although it admitted that “uncertainty remains in respect of the medium-term”.

Prosafe has been awarded several new contracts and extensions, with companies such as PetroBras and Lundin Norway, which has resulted in “improved short-term revenue visibility” according to the company. Despite Prosafe’s cautious medium-term forecast, the company believes that it will be “well placed to continue to take relative advantage of market conditions in the longer term”.

Prosafe’s operating profit in the second quarter of 2015 was $22.8 million (2Q 2014 $55 million) and its EBITDA for 2Q 2015 was $41.5 million (2Q 2014: $71 million). Revenues for the second quarter of 2015 were $92.5 million (2Q 2014 $133.4 million) and cash and deposits at the end of the period stood at $94.9 million (2Q 2014: $77.4 million). Fleet utilization for 2Q 2015 was 58 percent.

From 1Q 2017 the company’s Safe Eurus construction will work for three years for PetroBras in Brazil. Safe Notos will be deployed on an eight month contract in the UK from 2Q 2016 and Safe Astoria’s contract in the Philippines has been extended to late August 2015. Lundin Norway has extended the contract for Safe Boreas by one month to December 2015.

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