Prosafe SE: Fourth quarter 2017 results - good operating performance

EBITDA for the fourth quarter amounted to USD 40.1 million (USD 78 million). This decline is mainly due to lower utilisation of the vessels.  Cash flow from operations was USD 44.2 million (USD 66.7 million).

Mr. Jesper Kragh Andresen, Prosafe CEO says, "Operations in the quarter have performed well, as reflected in a good operating result in the quarter and a year-end EBITDA slightly above our guiding. We continue to position the company to be able to deliver on any opportunities that may present themselves to the industry".

Highlights 

• Good operating performance
• Utilisation of 36.1 per cent in the quarter
• Operating revenues at USD 76.7 mill.
• Cash flow from operations at USD 44.2 mill.
• Delivering on cost and capex reductions. Focus on continuous improvement remains
• Business development presence established in Mexico and Houston
• Positive macro indicators
• Foresee gradual pick-up in accommodation demand from 2019

A complete version of the Q4 2017 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

Larnaca, 6 February 2018
The Board of Directors of Prosafe SE

Attachment:
Q4 2017 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