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Prosafe (PRS) investor relations material

Prosafe Pareto Securities' 32nd Annual Energy Conference Presentation summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Pareto Securities' 32nd Annual Energy Conference Presentation summary10 Sep, 2025

Market position and outlook

  • Holds approximately 20% global market share in offshore accommodation, operating five vessels with all high-end units contracted through 2026 and backlog extending to 2030 at higher rates.

  • Market tightening driven by strong demand in Brazil, with additional growth expected from Australia and West Africa.

  • Petrobras remains the dominant client, with new tenders and higher dayrates anticipated into 2026.

  • FPSO fleet expansion in Brazil and globally is a key demand driver, with Brazil absorbing more vessels and Rest of World markets seeing increased opportunities.

  • Strategic priorities include securing backlog beyond 2027, enhancing efficiency, and exploring M&A opportunities.

Financial performance and capital structure

  • Achieved a 60% increase in order backlog to $518 million, extending into 2030, and a more than fourfold increase in annual vessel EBITDA on recent Brazil contracts.

  • Post-recapitalization, net interest-bearing debt is approximately $220 million with liquidity of $90 million, supporting a sustainable capital structure.

  • Enterprise value estimated at $350 million, trading at about 30% of historical newbuild cost, with broker valuations supporting asset backing.

  • Significant deleveraging achieved through equitization of $193 million debt and $75 million in new liquidity.

  • Illustrative EBITDA potential could reach $90–100 million annually from 2028 if current market rates persist.

Operational highlights and efficiency

  • Consistent 99% vessel utilization in Brazil, with Safe Eurus, Safe Notos, and Safe Zephyrus all on long-term Petrobras contracts.

  • Safe Boreas and Safe Caledonia reactivated, with contracts in Australia and the UK, and undelivered units Nova and Vega positioned for future demand.

  • Ongoing cost optimization targets over 10% SG&A reduction and enhanced operational efficiency, including maintenance and procurement improvements.

  • 40% of operating spend allocated to maintenance and repairs, with further opportunities for cost savings being explored.

  • Administrative functions are being centralized and headcount aligned to operational needs to fit the changing market.

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Frequently asked questions

Prosafe SE is a Norway-based company that owns and operates semi-submersible accommodation vessels primarily serving the offshore oil and gas industry. These vessels are used to provide living quarters, safety, and support services during the construction, maintenance, and decommissioning of offshore installations. Prosafe's fleet includes six semi-submersible accommodation, safety, and support vessels (ASVs) and one tender support vessel (TSV). In addition to accommodation, these vessels offer welfare and catering services, storage, workshops, medical services, and lifesaving equipment to offshore crews. Prosafe operates in a single business segment related to the chartering and operation of these vessels. The company is headquartered in Stavanger, Norway, and its shares are listed on the Oslo Stock Exchange.

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