Prosafe SE: Third-quarter results 2025

Financial Performance - Prosafe SE reported EBITDA of USD 11.3 million for Q3 2025, an increase from USD 5.0 million in the same period last year [1] - Revenues for the quarter reached USD 53.6 million, up from USD 32.8 million year-on-year [7] - The company experienced a negative cash flow from operations of USD 1.0 million, compared to a positive cash flow of USD 9.1 million in the previous year [7] - Capital expenditures amounted to USD 11.3 million, significantly higher than USD 2.8 million in the same quarter last year [7] Operational Highlights - All five vessels generated revenue in Q3 2025, with 100% fleet utilization in September [1][7] - The backlog stood at USD 486 million, including options, indicating strong future revenue potential [7] - Safe Boreas was on standby rate from September ahead of a contract start in December [7] Strategic Initiatives - The company has reactivated two idle vessels and launched cost reduction initiatives [4] - A recapitalization has been completed, establishing a sustainable capital structure with extended maturities and net interest-bearing debt of USD 213.6 million at the end of September [7] - Liquidity position improved to USD 83.3 million, compared to USD 46.8 million at the end of 2024 [7] Market Outlook - Prosafe is on track to meet its 2025 EBITDA guidance and anticipates increased earnings in 2026 with all high-end vessels fully contracted [4] - Strong global market fundamentals are driven by increased demand in Brazil and Africa, with North Sea operators planning future campaigns [7] - The company is exploring strategic opportunities and potential mergers and acquisitions [7]