Prosafe SE: First quarter 2018 results - Good operating performance and Safe Caledonia was awarded a five-month contract

EBITDA for the first quarter amounted to USD 49.2 million (USD 32.8 million). This improvement has been achieved despite lower utilisation of the vessels and mainly due to lower operating expenses and revenue effects from IFRS 15 (USD 8.7 million).  Cash flow from operations was USD 51.3 million (USD 73.8 million).

Jesper Kragh Andresen, Prosafe's CEO states, "Despite the continued challenging market conditions, we are pleased to announce a continuation of our good operational performance. During the quarter we were awarded an important five-month contract by BP for the Safe Caledonia at the Clair Ridge platform West for Shetland. Indications remain that the general demand for accommodation services will gradually pick up from 2019. Meanwhile, we continue our efforts on cost efficiencies and business improvement so to ensure the company is well placed before the market upturn and for any opportunities that may present themselves to the industry".

Highlights in the quarter

• Good operating performance
• Utilisation of 33.3 per cent in the quarter
• Operating revenues at USD 82.8 mill.
• Cash flow from operations at USD 51.3 mill.
• Safe Caledonia was awarded a five-month contract in the UK by BP with start-up end of May
• Prosafe wins Westcon dispute regarding the TSV Safe Scandinavia conversion in the first instance. Westcon has appealed and Prosafe is preparing to defend or improve the outcome.
• Positive macro indicators
• Established in Mexico

       
A complete version of the Q1 2018 earnings release is attached and can be downloaded from www.prosafe.com and www.newsweb.no

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com

Oslo, 3 May 2018
The Board of Directors of Prosafe SE

Attachment:
Q1 2018 report

For further information, please contact:

Jesper K. Andresen, CEO
Prosafe Management AS
Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO
Prosafe Management AS
Phone: +47 478 07 813