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Prosafe (PRS) investor relations material
Prosafe Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved fleet utilization of 79% in Q1 2026, with all rigs operating and a backlog of USD 403 million including options.
All high-end units are contracted into 2027, with a leading market position in Brazil and a tightening offshore accommodation market.
Successfully completed major Special Periodic Surveys (SPS) for Notos and Zephyrus, executed on schedule and within budget.
Maintained a strong safety record with no lost time injuries or significant incidents during a busy operational quarter.
Financial highlights
Q1 2026 revenues reached USD 48.1 million, up 46% year-over-year; EBITDA was USD 14.8 million, more than tripling from USD 4.6 million in Q1 2025.
Net loss narrowed to USD 1.0 million from USD 14.9 million year-over-year.
Cash flow from operations was USD 54.7 million, with a liquidity position of USD 87.4 million at quarter-end.
Net interest-bearing debt reduced to USD 210.3 million from USD 364.3 million year-over-year.
Outlook and guidance
Full-year 2026 EBITDA guidance maintained at USD 45-55 million, with increased contributions from Safe Notos and Safe Boreas.
All vessels contracted into 2027, supporting long-term earnings visibility.
Focus on securing backlog beyond 2027 at improved market terms.
- Q4 2025 delivered record EBITDA, full fleet utilization, and a decade-high backlog, with strong 2026 outlook.PRS
Q4 202526 Feb 2026 - Q2 2024 delivered higher revenue, strong backlog, and improved utilization, but liquidity risks persist.PRS
Q2 20241 Feb 2026 - Backlog nearly doubled to USD 400M; refinancing looms in 2025 amid strong Brazil demand.PRS
Q3 202414 Jan 2026 - High-end offshore accommodation leader with strong contracts, rising dayrates, and robust financials.PRS
Company presentation13 Jan 2026 - 44% backlog growth, full vessel utilization, and $400M refinancing amid strong Brazil demand.PRS
Q4 20249 Jan 2026 - Recapitalization and contract wins boost backlog and set up long-term growth.PRS
Q1 202525 Nov 2025 - Recapitalisation and strong Brazil contracts boost backlog and future earnings outlook.PRS
Q2 202523 Nov 2025 - Q3 2025 delivered record utilization, recapitalization, and a backlog extending into 2030.PRS
Q3 202513 Nov 2025 - Backlog and EBITDA surge as Brazil demand drives high vessel utilization and market expansion.PRS
Pareto Securities' 32nd Annual Energy Conference Presentation10 Sep 2025
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