Prosafe (PRS) Q1 2026 earnings summary

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.