Prosafe SE : Prosafe SE: Q1 2013 results
Operating profit for the first quarter came to USD 19 million and netloss
amounted to USD 0.7 million. The utilisation of the fleet was 74.4 per cent in
the first quarter. An interim dividend of NOK 0.87 per share was resolved. The
company has recently had a strong contract inflow and order backlog is at
(Figures in brackets refer to the corresponding period of 2012)
Operating profit for the first quarter amounted to USD 19 million (USD 60.6
million). Utilisation of the fleet was 74 per cent (83 per cent).
Safe Concordia, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia and Safe
Regency have been on contract throughout the first quarter.
Safe Bristolia was on bareboat day rate throughout the quarter, including the
period in transit from Mexico to the North Sea. Expenses of approximately USD
2.5 million relating to preparation for the next contract for the vessel have
been incurred in the first quarter.
Safe Concordia is operating on a long-term contract in Brazil. In the first
quarter of 2013 the average effective day rate was approximately USD 141,000.
Safe Caledonia commenced the contract with BP at Andrew in the UK on 2 March.
Safe Scandinavia was in operation for BP at Valhall in Norway until 1 March.
After completing the work for Woodside in Australia at year-end 2012, Safe
Astoria was demobilised at a day rate of USD 120,000 for the first 20 days in
January. Operating expenses for the vessel amounted to USD 2.6 million in the
Regalia was off-hire and at the yard undertaking planned maintenance work
during the first quarter. Two thrusters were overhauled and the forward crane
was replaced during the yard stay. As a consequence, the operating costs were
approximately USD 6 million higher than in normal operation in the first
Net financial expenses for the first quarter were USD 18.6 million (USD 12.5
million). The increase is mainly related to revaluation of forward exchange
Net loss amounted to USD 0.7 million (net profit of USD 47.5 million), and
earnings per share were USD 0.00 (USD 0.21).
Total assets at 31 March amounted to USD 1 459 million (USD 1 378 million),
while the book equity ratio rose to 42 per cent (35.1 per cent) mainly due to
the share issue of 13 million shares completed in March. Net interest-bearing
debt stood at USD 608.1 million (USD 660.1 million).
The Board of Directors resolved on 14 May 2013 to declare an interim dividend
equivalent to USD 0.15 per share to shareholders of record as of 27 May 2013.
The shares will trade ex-dividend on 23 May 2013. The dividend will be paid in
the form of NOK 0.87 per share on 7 June 2013.
Change in share capital
On 14 March Prosafe successfully completed a private placement of 13 million
new shares. The proceeds of approximately USD 130 million will be used to fund
value enhancing growth investments.
On 14 May the annual general meeting approved the cancellation of Prosafe's
own shares of 6,963,731. After the cancellation, the number of ordinary shares
in the company is 235,973,059.
Five of Prosafe's vessels are on bareboat charters in Mexico for end-user
Pemex. The five vessels have contracts as follows:
Safe Regency until early August 2013, Safe Lancia until mid-September 2013,
Jasminia until end of October 2013, Safe Hibernia until December 2013 and Safe
Britannia until end of 2014.
Safe Bristolia commenced a contract for Total in UK in early May.
Regalia commenced a contract with Shell at Draugen in Norway on 30 April.
Safe Scandinavia commenced a contract with ConocoPhillips at Jasmine in the UK
in early April.
Safe Caledonia is currently operating for BP at Andrew in the UK.
Safe Concordia is operating on a three-year contract for Petrobras in Brazil,
which commenced in the second quarter of 2011.
Safe Astoria is currently off-hire. The vessel is located in Batam, Indonesia.
2013 has so far showed a strong order inflow, with substantial contracts being
awarded both in the North Sea and in Mexico. There are still tenders in the
pipeline and there should be potential for further contract awards in the
The positive development is driven by a combination of a strong focus on
increased oil recovery from existing fields and a growing number of new
developments, particularly in Norway.
Prosafe is the world's leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 222.4 million in 2012
and net profit was USD 177.5 million. The company operates globally,
employs550 people and is headquartered in Larnaca, Cyprus. Prosafe is listed
on the Oslo Stock Exchange with ticker code PRS. For more information, please
refer to www.prosafe.com
Attachments: Q1 2013 report, Q1 2013 presentation
Larnaca, 14 May 2013
The Board of Directors of Prosafe SE
For further information, please contact:
Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: +47 51 64 25 81
Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673
Cecilie Helland Ouff, Finance and IR Manager
Phone: +4751 64 25 20 / +47 991 09467
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
Q1 2013 presentation
Q1 2013 report
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Prosafe SE via Thomson Reuters ONE
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