Norway · Delayed Price · Currency is NOK Prosafe SE Earnings Call Transcripts
Fiscal Year 2025
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Q4 2025 saw record EBITDA and 100% fleet utilization, with all five rigs operating and strong market demand driving higher day rates. Guidance for 2026 anticipates further earnings growth, supported by new contracts and continued high utilization.
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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.