Prosafe (PRS) Q4 2024 earnings summary

Executive summary

• Achieved 100% utilization on all four operating vessels in Q4 2024, with strong operational and safety performance; overall fleet utilization was 57%.

• Backlog increased by 44% year-over-year to USD 370 million, driven by contract extensions, notably a two-year extension for Zephyrus through Q3 2027.

• Q4 2024 revenue was USD 37.0 million, EBITDA USD 4.9 million, and liquidity at quarter-end was USD 46.8 million.

• Refinancing process targeting approximately USD 400 million to cover 2025 debt maturities and cash needs, expected to complete in H1 2025, likely involving debt-for-equity conversion and/or equity injection.

• Positioned as a market leader in a tightening market, especially in Brazil.

Financial highlights

• Q4 2024 revenues reached USD 37.0 million, up from USD 29.6 million in Q4 2023; full-year 2024 revenues were USD 139.8 million.

• Q4 EBITDA was USD 4.9 million, a turnaround from negative USD 2.7 million in Q4 2023; full-year EBITDA was USD 23.8 million.

• Net loss for Q4 2024 was USD 11.0 million, improved from USD 14.7 million loss in Q4 2023; full-year net loss was USD 41.8 million.

• Cash position at year-end was USD 46.8 million, with net interest-bearing debt at USD 369.1 million.

• Capex increased to USD 8.0 million in Q4 2024, mainly for vessel reactivations.

Outlook and guidance

• Brazil market is strengthening, with new Petrobras tenders for up to six units and recurring FPSO demand expected to drive 25–50% UMS demand growth by 2030.

• North Sea and other regions show activity, but Brazil dominates flotel demand.

• Refinancing is progressing, with completion expected in H1 2025.