Prosafe SE reported its first-quarter results for 2025, with an EBITDA of USD 4.6 million, compared to USD 7.2 million in the same period last year. During the quarter, the company had four active vessels. Prosafe highlighted good operating performance and HSSE standards.

Key operational updates included the extension of the Safe Zephyrus contract with Petrobras until Q3 2027, the sale of Safe Concordia and Safe Scandinavia, and the reactivation of Safe Caledonia for a UK contract starting June 1. Additionally, Safe Boreas is in transit to Singapore in preparation for an Australian contract, and Safe Notos was declared the winner of a 4-year tender in Brazil.

Financially, Prosafe reported revenues of USD 33 million, slightly lower than the USD 34 million in the first quarter of the previous year. The company's cash flow from operations was USD 28.4 million, which includes contract prepayments for Safe Boreas and Safe Caledonia. Capex stood at USD 21.2 million, primarily due to the reactivation of Safe Boreas and Safe Caledonia. The company's liquidity position at the end of the quarter was USD 54 million, an increase from USD 46.8 million at the end of 2024.

Prosafe also announced terms for the recapitalization of USD 193 million of debt, which will result in existing shareholders retaining 5% ownership with penny warrants for a further 5%. This transaction aims to provide a sustainable capital structure and ensure sufficient liquidity for future capital expenditure and working capital needs. The estimated post-recapitalization net debt is USD 220 million, with completion expected in Q3 2025.

The company noted strong market fundamentals in Brazil, supported by ongoing Petrobras tenders. North Sea operators are also planning for future campaigns, with a focus on 2027 and beyond. Increased backlog, improved market conditions, and the recapitalization position Prosafe for improved earnings.

Terje Askvig, the CEO of Prosafe, commented on the high utilization of the active fleet and progress in preparing for new contracts in Australia and the UK. He also expressed satisfaction with the lender and shareholder support for the refinancing, which will create a sustainable capital structure.