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Prosafe SE: Mandatory notification of trade
Globenewswire· 2025-08-22 10:25
Group 1 - The Company announced the commencement of a subscription period for an offering of up to 17,868,651 warrants, with specific provisions for board members and management regarding subscription due to securities law restrictions [1] - The Company released its half-year report on the same day, indicating that Persons Discharging Managerial Responsibilities (PDMRs) were in a closed period during the entire Subscription Period due to market abuse regulations [2] - PDMRs of the Company have subscribed and exercised warrants, with additional details provided in attached forms [2][4] Group 2 - Prosafe is recognized as a leading owner and operator of semi-submersible accommodation vessels and is listed on the Oslo Stock Exchange under the ticker code PRS [3] - The Company is subject to disclosure requirements under the Norwegian Securities Trading Act [3]
Prosafe SE: Second-quarter results and first half report 2025
Globenewswire· 2025-08-22 05:01
Financial Performance - Prosafe SE reported Q2 2025 EBITDA of USD 3.1 million, down from USD 6.6 million in the same period last year [1] - For the first half of 2025, EBITDA was USD 7.7 million compared to USD 13.8 million in H1 2024 [1] - Q2 revenues were USD 30.9 million, a decrease from USD 34.2 million year-over-year, while H1 revenues were USD 63.9 million, down from USD 68.2 million [6] - Cash flow from operations in Q2 was USD 12.2 million, down from USD 15.5 million, and for H1 it was USD 40.8 million, up from USD 14.1 million [6] - Capital expenditures (Capex) for Q2 were USD 14.5 million, significantly higher than USD 4.2 million in the previous year, and H1 Capex was USD 35.7 million compared to USD 5.9 million [6] Operations and Utilization - The company achieved a vessel utilization rate of 66%, with four out of five vessels operating during the quarter [6] - Notable vessels such as Safe Zephyrus, Safe Eurus, and Safe Notos operated at 99% utilization in Brazil [6] - Safe Notos has been awarded a four-year contract with Petrobras in Brazil, starting September 2026, at a significantly increased day rate [6] Recapitalization and Market Outlook - The recapitalization was completed on July 21, 2025, equitizing USD 193 million of debt for 90% of the company's shares, strengthening the balance sheet [5] - The transaction provides a sustainable capital structure and sufficient liquidity for future capital expenditures and working capital needs [5] - The expected EBITDA for 2025 is projected to be between USD 35 million and USD 40 million [6] - The company has a backlog of USD 518 million, up from USD 323 million, including options and letters of intent [6] - The market outlook is positive, with rising day rates and demand, particularly in Brazil and the North Sea [6]