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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.
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Q1 2026 earnings summary1 Jun, 2026

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.

Margin impact of Zephyrus and Notos SPS projects
Expected day rate trends for post-2027 contracts
Working capital impact on Q1 operating cash flow
Strategy behind skipping Petrobras tender
How do ANP regulations drive vessel demand?
Conditions for delivering Nova and Vega
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