Prosafe (PRS) Q2 2025 earnings summary

Executive summary

• Completed a major recapitalisation, converting $193 million of debt into equity and raising $75 million in new cash, resulting in a fully funded business plan and sustainable capital structure.

• Achieved strong operational performance in Q2 2025, with up to 99% utilisation on Petrobras contracts and new contracts secured at higher day rates.

• Backlog increased to $518 million, up 60% year-over-year, driven by major contract extensions, notably Safe Notos with Petrobras through 2030.

• Divested Safe Concordia and Safe Scandinavia during H1 2025.

• Maintained market leadership in Brazil amid tightening global supply and rising day rates.

Financial highlights

• Q2 2025 revenue was $30.9 million, down from $34.2 million year-over-year; H1 revenue was $63.9 million, down from $68.2 million.

• Q2 EBITDA was $3.1 million, down from $6.6 million year-over-year; H1 EBITDA was $7.7 million, down from $13.8 million.

• Net loss for Q2 2025 was $23.9 million, with EPS of $(1.34); H1 net loss was $38.8 million.

• Cash position at quarter-end was $45 million; liquidity at quarter-end was $45 million, down from $65.9 million year-over-year.

• Operating cash flow for Q2 2025 was $12.2 million; capex was $14.5 million, mainly for vessel upgrades and reactivations.

Outlook and guidance

• Full-year 2025 EBITDA guidance is $35–40 million, assuming successful vessel reactivations and contract completions.

• Market outlook is positive with rising day rates, longer contract durations, and increased vessel demand, especially in Brazil.

• Planned special periodic surveys (SPS) and off-hire for key vessels in H2 2025.

• Net debt post-recapitalisation is approximately $220 million.