Welcome to Q4 2024 results for Prosafe. The last quarter was quite an eventful quarter for us on operation. I would say that we had a good quarter. All the, sort of, the four vessels that are in operations had 100% utilization, and we managed to extend the contract for Zephyrus for another two years. As we, sort of, as we said the previous quarter, we expected that, but now we actually have ink on the paper. For financials, Reese will come back to that later, but we are working on the refinancing of the company. As previously said, we are looking to refinance a total of $400 million, and we have good dialogue with all stakeholders, including our lenders on that. We are working on that, and we expect to have that completed within the first half.
But I think that we have good, good progress on the refinancing as such. Market-wise, I'll come back to Brazil, actually, because there's a lot of activity there. So that's, that's quite positive. So we are, you know, we, our thesis on Brazil is coming through, so we are optimistic on that. And also, I'll talk a little bit about what, what happens in the, the rest of the world. But in general, the backlog has grown, and that's something that we have focused very much on for the last year. So there we have executed on the backlog growth. When it comes to the fleet, Zephyrus is now on contract to Q3 2027. So there we, we got a slight uptick in rates, and we also have some more coverage for bunker consumption.
So the Zephyrus will do her SPS towards the latter half of this year. We haven't sort of pinned down the final dates yet, but that will happen in 2024, sort of the second half, or sorry 25, the second half of 2025. The Safe Eurus is onto Petrobras, so I mean she's going on the contract, and that is sort of running until 2027. So it's at I think $86,000 per day. On Notos she's also due her SPS, so that will happen either towards the end of this year or the beginning of next year. Again I'll talk a little about you know the future after 2026. I think that the Petrobras tenders that are out could be very suitable for Notos, but I'll talk a little bit about that.
Likewise, the Safe Concordia is on the contract, and she's gonna go off contract the 9th of March, and then she is due her SPS immediately thereafter. I'll come back to that as well later. Safe Boreas, we are working on the reactivations. It's currently in Norway, in Skipavika, and the thrusters are off, and we expect her to be on a heavy lift vessel around the beginning of April to go to the Far East, and then she will be on contract. The contract window is such that most likely you're talking towards the end of the year, November, December commencement of that contract. It's 15 months with six months of options. The Safe Caledonia, we are reactivating her, and she's gonna go on a contract to Ithaca 1st of June, and that's a six-month contract with three months of options.
Scandinavia, no news. She's still cold stack, and there is no news regarding Nova or Vega. When it comes to the market, this is, you know, we define our market as 23 vessels that are active. Oh, I just, you know, like to say that there are other units that can also, sort of, enter the market, especially on the tender in Brazil. Those are our, our core market are 23 units, and as you can see, 11 of those are currently for 2025. We expect them to operate in Brazil, so that's, you know, more or less 50% of the market. When it comes to the North Sea, what we see there is activity both for, you know, the, and particularly for Caledonia, which is on contract this year, but there is also activity going on in 2026 and 2027.
So we are working hard then to see if we can find contracts for the Caledonia, you know, for the coming years. The strategy there, when we took her out of layup this year, was really, sort of, cash on cash that the Caledonia should be positive, and that is very much the case. So then we have a vessel that has been reactivated, has, you know, done her SPS, and then is ready to work for the coming years. I would say that we also see activities in Africa, Guyana. So in general, you know, outside of Brazil, that there is definitely activity, but Brazil is the market now that is really driving the flotel industry. So this, we've shown this before.
So the sort of driver here, of course, is the increase in production, oil production in Brazil. They are currently producing 3 million barrels per day. Their target is to come to 5 million barrels towards the end of this, the 2020s, early 2030s. And we see that, you know, the number of FPSOs that have been contracted and we expect to be contracted is very much, you know, it's very strong. So obviously, the general activity, not only for flotels, but in other segments of the industry, is also very strong in Brazil. But I just, you know, add that there are actually other, you know, not only Petrobras in Brazil. There are a number of other, sort of, both lease operators and also EPC companies in Brazil.
So we see that there are more demand from other players in Brazil picking up. And so we are quite optimistic at that as well. As we talked about before, sort of, the corrosion in Brazil is quite heavy, and that is not something that's only, sort of, the case for Petrobras. Also, for other operators in Brazil, that's definitely the case. So in Brazil, so there are two tenders out, actually. First, they came out with a four-year tender. That's a high specification tender, and the original date was last week. It has been extended to the middle of this month. So that's very typical that, you know, there will be some extension before you have to give your rate. There are other players also, obviously, for that.
That tender is for up to five units. That can mean that they can take everything from zero to five units for that tender. We think it is ideal for Notos. We know that Notos is one of the premium rigs or operators or vessels that Petrobras really like it. We think we are well positioned for Notos in this coming tender. The date, they have the first date, the commencement date, we cannot make, but we can very much make the second window here with the second tender. This is something that will most likely be concluded in Q2. I mean, it takes some time before this process to play out, but I think that we will know more in Q2.
But this is the way we read sort of Petrobras is that we think that currently they have eight vessels on contract. We think that their incremental demand, based on our reading of the situation, is three vessels. That's in addition to the eight, and of course, Notos is part of that eight. So that's the way we sort of assess the situation. And then there are also other operators in Brazil, as we talked about. So we think that, you know, there could be, you know, if this plays out, it could, you know, the demand in Brazil could go from, you know, from the current sort of 10 vessels in 2024 to between 15 and 17 vessels a couple of years out.
Then there is, in addition to the first tender, there's a second tender out for a lower spec vessel for two years. Again, there are, you know, Concordia could be a candidate for that. Time will tell, but it depends on, as we said, we are not going to go through the SPS with Concordia unless we have a contract that can justify it. Yeah. On operations, we touched upon that earlier. We are, you know, good operations, 100% utilization on the vessels in operation, and also that includes the Safe Concordia. So our thinking there is really either, you know, we're gonna put her in layup unless we have a contract that can justify the SPS. And that's quite a big number that we're talking about there.
It must sort of be a contract that stands on its own two legs. And alternatively, you know, we also look for sale, if that makes sense. So we are quite sort of pragmatic and, on Concordia, what makes most sense. So the Caledonia, again, she's going on contract 1st of June to Ithaca, and everything's going. She's in Scapa Flow. There's some bad weather, but other than that, that's going according to plan. And likewise, the Safe Boreas is also going according to plan. The Safe Scandinavia has now been laid up for a number of years. I mean, it costs us about $1 million to have her cold stacked per year. So, I mean, it's an option premium in a way to see where the market goes.
But you know, now we had her in layup for, again, a number of years. So unless we can see some visibility for contract there, we are considering to sell the Scandinavia as well. So this is the backlog. You know, we have delivered on this. So the backlog has now up 44% compared to the same quarter last year. So now the, sort of, the next vessels then that are due for contract is, of course, the Notos and Ithaca no, sorry, the Caledonia for 2026 and potentially the Concordia. Yeah. That's what I had on the numbers. And maybe you can do the numbers, Reese.
Yeah. Thank you, everyone, for joining. Walk through some of the numbers here.
I think probably the most important activity from a financial perspective that we're working on is the refinancing, as Terje correctly mentioned. As we previously communicated in the last quarter, we're looking at a total financing need in the range of $400 million. That includes, not only the refinancing of the debt that's coming due at the end of the year, but it also includes a cash need in 2025. And that number, we believe, is in the range of $70 million. We are reactivating the Caledonia. We're reactivating the Boreas. We have a couple of SPSs coming up. So we are looking at, in CapEx alone, approximately a number close to the $70 million mark. So that number is sort of the total cash flow, not just the CapEx, of course, but a significant portion of the spend in 2025 is related to CapEx.
So the amounts coming due, plus the CapEx, plus giving us headroom in the future to operate, continue to operate the business, we believe we have a need in the $400 million range. As Terje said, good dialogue with the various stakeholders, and we are aiming to conclude the process in the first half. And as we've communicated over the last several quarters, actually, the runway that we have is into mid-2025. So this is clearly the focus over the coming weeks and months is to resolve the capital need. Jumping back to sort of the performance of the actual quarter, I think it was a good quarter. As Terje said, we had very good uptime. I think revenue was broadly in line with the previous quarters, as expected. We did have some one-off other income in the quarter, which was positive.
This is largely related to some historical agreements, but it was good, good to see an extra $1 million or so coming in on that. By and large, steady as she goes on the operating revenue. On the cost side, we did see some slightly increased cost. I think that was mentioned already. I think this morning I saw a few analyst comments. We did have some increased costs in the quarter. I think that by and large is driven to timing, particularly around Concordia, so should we actually go and lay up Concordia? There is a certain demobilization cost associated with this, which we've taken an adjustment in the quarter. Moving on, I think cash is probably cash and balance sheet is obviously the key focus. On the balance sheet, I think there's obviously been a recategorization.
Long-term debt is now short-term debt given its maturity within one year. Otherwise, I think the balance sheet is by and large pretty steady. The one thing that we do see, of course, running through the balance sheet and the cash flow is working capital as we ramp up on these projects, particularly the Caledonia and the Boreas. We did start some work on the Caledonia Boreas in Q4, and we see that that had a negative working capital draw. So I, you know, I think there've been some questions around, you know, the cash and liquidity balance at the year-end versus estimates. The majority of this is driven by working capital movements, both sort of year-end movements. Pretty typical clients pay you slightly over the year-end rather than before the year-end.
But in addition, we saw some draw, driven by the ramp-up of these projects. And also we saw some pulling forward of CapEx in relation to these projects, particularly Caledonia, where we spent a little bit more CapEx in 2024, which was originally planned to spend in 2025. But the cash balance today is still hovering around the $50 million mark. And we do have a significant portion of prepayments coming from clients, supporting these reactivations. So we think the runway again runs into mid-2025. With that, I'll jump back, let Terje jump back in and wrap things up.
Yeah. I mean, I think we touched upon this, but I think we are well positioned in terms of the market and I think that the market will tighten.
We see it from Brazil and that's going to drive this market in the years to come. Obviously we are focusing a lot on the refinancing now that we hope to conclude within the first quarter or first half of this year. I think that sort of ends our presentation. If there are any questions, you can either raise them here in the audience or you can send an email to Reese and we will sort of read them out and answer them as best we can. Yeah. Maybe you want to use a microphone some. With Petrobras, requiring up to three incremental units in the new tender, do you see any potential to bid the new builds? Yeah. I mean, that's part, of course, of our assessment.
So that they are, you know, they meet the specification. Let me put it that way. But I think in terms of what we will bid and not bid, we'll keep our, you know, our cards close to our chest. But what I can say is that the new buildings are meeting the specifications. But, as always in Brazil, it's the lowest bidder that wins. So, we're going to expect kind of a meaningful increase in the rates in this new tender compared with the $120 level that we've seen recently. Again, we think that the market dynamics are favorable, but we will again try to be a little bit sort of cautious in commenting too much on what we think the market will be for these contracts.
We think that the market fundamentals are positive. That should sort of hopefully mean that it's in our favor. There's one question here from the audience regarding the marketing of Safe Scandinavia. Any plans regarding that? I think we have in terms of marketing for contract we are very active on that. In terms of marketing for sale we have we are talking to you know she's out there. So we have a dialogue with a few parties but nothing that we can report on. Okay. Anything else Reese from If not thank you very much all for attending and I look forward to seeing you next quarter.