Norway · Delayed Price · Currency is NOK Prosafe SE Earnings Call Transcripts
Fiscal Year 2026
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Q1 saw full fleet utilization, strong revenue and EBITDA growth, and successful SPS completions. The market remains tight, especially in Brazil, supporting high utilization and positive rate momentum. Focus is on recontracting key vessels and maintaining robust liquidity.
Fiscal Year 2025
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Q4 2025 saw record operational and financial performance, with all rigs active and EBITDA nearly tripling year-over-year. Strong market fundamentals, high utilization, and rising day rates support a positive outlook, with 2026 EBITDA guidance raised and focus on contract renewals for key assets.
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Q3 saw full fleet utilization, strong EBITDA, and a halving of net debt. Market fundamentals remain robust, especially in Brazil, with high utilization and rising day rates supporting a positive outlook and significant EBITDA growth potential.
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Refinancing and a $75M capital raise have strengthened the balance sheet, while a 60% year-over-year backlog increase and higher day rates, especially in Brazil, position the company for significant EBITDA growth. Full-year EBITDA is guided at $35–$40M.
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Q1 2025 saw stable operations, major refinancing progress, and a 2.5x increase in backlog. Vessel reactivations and contract extensions in Brazil and Australia drive future growth, while net debt is set to drop by $150 million post-refinancing.
Fiscal Year 2024
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Q4 2024 saw 100% vessel utilization, a 44% year-over-year backlog increase, and a two-year contract extension for Zephyrus. Refinancing of $400 million is progressing, with strong market demand in Brazil expected to drive future growth.
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Backlog nearly doubled year-over-year to $400 million, with strong vessel utilization and stable financials. Refinancing of $400 million is underway, likely including equity, and market outlook remains positive, especially in Brazil and Australia.
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Q2 2024 saw stable EBITDA of $6.6M, strong safety, and high vessel utilization. Letters of intent for Boreas and Caledonia are set to boost backlog, with $80M CapEx planned for 2025. Liquidity is secure into mid-2025, with Brazil driving future demand.