Prosafe (PRS) Q1 2025 earnings summary

Executive summary

• Achieved several Q1 2025 milestones, including contract extensions, vessel sales, and high vessel utilization, especially in Brazil.

• Q1 2025 revenue was USD 33.0 million with EBITDA of USD 4.6 million, reflecting good operating performance.

• Major recapitalization agreed: USD 193 million of debt to be equitized for 90% of shares, with USD 75 million in new liquidity, completion expected in Q3 2025.

• Order backlog increased to USD 545 million, more than double year-over-year, positioning for long-term value creation.

• Safe Notos declared winner of a 4-year Petrobras tender; Safe Zephyrus contract extended to Q3 2027; Safe Concordia and Safe Scandinavia sold.

Financial highlights

• Q1 2025 revenues were USD 33.0 million, down from USD 34.0 million in Q1 2024; EBITDA was USD 4.6 million, down from USD 7.2 million.

• Net loss for Q1 2025 was USD 14.9 million; EPS at USD (0.83).

• Cash position at quarter-end was USD 54.0 million, up from USD 46.8 million at year-end 2024.

• Capex of USD 21 million mainly related to Safe Boreas and Safe Caledonia; proceeds of USD 5.8 million from asset sales.

• Cash flow from operations at USD 28.6 million, up from negative USD 1.4 million year-over-year, driven by contract prepayments.

Outlook and guidance

• Ongoing Petrobras tenders and increased backlog support improved earnings outlook and long-term value creation, especially in Brazil.

• North Sea operators planning future campaigns, with focus on 2027 and beyond; demand expected to improve.

• Recapitalization and market tightening position for sustainable growth.