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Prosafe i sterkt flotell marked
Stockamateur
12:03 25.08.2016
#10864

Ad 10854

Tenke det, si det, ja. Men gjøre det, ikke faen!
OldNick
11:18 03.11.2016
#18492

Prosafe kom med Q3-2016 resultat idag.

Det ble godt mottatt, med oppgang på en solid omsetning (så langt idag).

PRS: Prosafe SE - Q3-2016 results

Børsmelding
03.11.2016

EBITDA excluding non-recurring cost items was USD 86.3 million in the third quarter and reported EBITDA amounted to USD 68.3 million.

Highlights

- Completed comprehensive financial restructuring and secured runway through 2020
- Phase 1 re-organization and cost and capital expenditure cuts ongoing till end 2016
- Continues renewal and rightsizing of fleet
- Operating revenues USD 129.8 million in Q3-2016 vs USD 154.1 million in Q3-2015
- EBITDA USD 68.3 million in Q3-2016 vs USD 97.6 million in Q3-2015
- EBITDA excl. non-recurring cost items USD 86.3 million in Q3-2016 vs USD 97.6 million in Q3-2015

(Figures in brackets refer to the corresponding period of 2015)

Operations

Utilisation of the vessels was 52% (81%).

Safe Boreas continued the contract with Repsol Sinopec (formerly Talisman Sinopec) in UK and was in full operation throughout the quarter. Repsol Sinopec has exercised the first 14-day option at a discounted day rate, extending the contract at Montrose into December.

Safe Zephyrus commenced the contract with Det norske in Norway late July and was in operation throughout August and September.

Safe Scandinavia Tender Support Vessel (TSV) and Safe Concordia were fully contracted in the quarter with Statoil and Petrobras, respectively.

Regalia operated for Shell in the UK from beginning of August until mid-October.

Safe Caledonia completed her operation for BP in August and the vessel has been laid up in UK since then.

Safe Bristolia is cold-stacked in Norway after completion of a two-month contract with BG Group late July.

Safe Notos remains in transit to Brazil and is scheduled to commence the contract with Petrobras late November or early December.

Safe Astoria, Safe Lancia and Safe Regency were idle in the quarter. Safe Astoria is cold-stacked in Batam, Indonesia, Safe Lancia is cold stacked in Port Isabel, Texas USA and Safe Regency is laid-up in Curaçao in the Caribbean.

In August, Jasminia and Safe Hibernia were sold for scrap/recycling in the USA.

Financials

Revenues for Q3-2016 were USD 129.8 million (USD 154.1 million). This decline is due to the lower utilisation referred to above. This effect has been partly compensated by a higher average day rate, which reflects that units which generate a relatively high day rate have been on contract during the third quarter this year as opposed to last year when several of the rigs were on bareboat contracts in the Gulf of Mexico.

Operating expenses, including non-recurring costs of USD 18 million, amounted to USD 61.5 million (USD 56.5 million). Underlying costs were therefore down to USD 43.5 million. USD 8.7 million out of the USD 18 million of non-recurring costs related to the refinancing, USD 6.7 million to rationalisation and USD 2.6 million to the vessels which have been scrapped. Cost initiatives implemented in 2015/2016 are continuing to reduce onshore costs as well as vessel operating costs.

EBITDA was USD 68.3 million (USD 97.6 million).

Depreciation has increased to USD 29.1 million (USD 26.3 million) mainly due to the new build Safe Zephyrus and the Safe Scandinavia TSV project. This effect has been partly offset by vessels which have been impaired or scrapped. Operating profit equalled USD 39.2 million (USD 71.3 million).

Net financial items were USD 168.2 million positive (USD 15.6 million negative). As part of the refinancing, a gain on forgiveness of bond debt of USD 197.6 million has been recognised this quarter.

Effective 1 July 2016, the Company has decided, based on a holistic cost-benefit evaluation, to abandon hedge accounting of interest rate swaps.

Endret 03.11.2016 11:19 av OldNick
OldNick
11:19 03.11.2016
#18493

Any change in fair value of interest rate swaps is now taken through the income statement rather than direct to equity via comprehensive income. In the third quarter USD 2.4 million was charged to the income statement.

As a consequence of abandoning hedge accounting, the interest expenses have increased by USD 14.7 million in the third quarter. This amount has previously been charged directly to equity through comprehensive income and corresponds to the portion of the negative fair value of interest-rate swaps which could be allocated to the bond debt as of 30 June 2016. As of 30 September 2016, the remaining amount to be charged as interest expenses over the maturity of the current bank loan is USD 73.5 million, i.e. USD 3.3 million per quarter through to Q1-2022.

Taxes increased to USD 5.5 million (USD 2.5 million) mainly due to increased tax in the UK. Net profit increased to USD 201.9 million (USD 53.2 million).

Total assets at 30 September amounted to USD 2,711 million (USD 2,342 million). Net interest-bearing debt equalled USD 1,242.9 million (USD 1,222.7 million), while the book equity ratio increased to 39.7% (33.2%).

Share issues

On 23 August 2016, the Extraordinary General Meeting resolved to issue shares as described in the previous quarterly report.

On 14 September 2016, 4,376,600,000 new class A shares were issued in connection with the private placement closed on 12 July 2016.

On 19 September 2016, 1,400,839,757 new class A shares were issued as part of the conversion of senior unsecured bonds to shares.

On 22 September 2016, all actions and conditions required for completion of the refinancing were finalised and fulfilled, and the effective date of bond debt discharge and bank amendments took effect.

On 23 September 2016, convertible bonds of a nominal value of NOK 3 million were converted into 12,000,000 class A shares.

Following this conversion, the remaining outstanding principal of the convertible bond loan is reduced to NOK 78.8 million.

This convertible bond has been recognised as equity as there is no contractual obligation to deliver cash or to exchange it with other financial assets or liabilities. The convertible bond will also be settled by a fixed number of Prosafe shares.

A reduction in the nominal value of the Company's ordinary shares, by way of a reduction of share capital without distribution, was also completed in the period.

As a consequence, all issued shares of the Company now have a nominal value of EUR 0.001.

Following publication of the listing prospectus on 14 October 2016, the class A shares were converted to ordinary shares. As a result, the Company has only one class of shares in issuance, ordinary shares.

Prior to the subsequent repair offering referred to below, the number of outstanding shares in the Company was 6,049,010,116 shares.

The subsequent repair offering was launched on 14 October 2016, and up to 504,000,000 new shares will be issued when completed. Subsequent to this share issue, the total number of issued shares will be up to 6,553,010,116.

Outlook

Market outlook remains uncertain in the near term, and although there are a number of prospects in the years ahead, 2017 is still expected to be the low point in activity level.

In general, the market activity is expected to normalize in the years ahead through a combination of maintenance and modification, hook-up and decommissioning. Further cost reductions in the E&P sector are expected to contribute to more projects becoming economically viable. Combined with continued focus on enhanced recovery, life extensions and safe and efficient operations, the company expects a gradual market recovery from 2018 onwards.

Endret 03.11.2016 11:19 av OldNick
OldNick
11:19 03.11.2016
#18494

Prosafe has moved quickly to scrap three vessels and it anticipates that other suppliers' vessels will be scrapped and/or exit the high end of the North Sea market in the years ahead. It is further anticipated that consolidation within the accommodation segment will happen. The combination of these factors means that the supply-demand environment is expected to become more balanced towards 2020. The aforementioned plus the substantial debt reduction, the significantly improved cash flow from the refinancing, combined with Prosafe's high quality and versatile fleet, places the company in a strong position when the market recovers.

PRS: Q3-2016 Report (PDF)

PRS: Q3-2016 Presentation (PDF)
highlander
16:49 06.11.2016
#6554

Danske Bank har satt kursmål NOK 0,65 i Prosafe etter kvartalsfremleggelsen som de mente var svakt positiv i forhold til forventningene.

Imidlertid anbefalte de ifølge Xi salg i fredagens utsendelse, noe som fremstår som merkverdig sett i lys av at aksjekursen må stige 116 % for å nå deres kursmål...

Endret 06.11.2016 16:49 av highlander
highlander
11:33 10.11.2016
#6582

DNB Markets har gjenopptatt dekning av Prosafe med en hold-anbefaling og kursmål 0,30 kr.

Meglerhuset estimerer nåværende underliggende verdi å være 0,20 pr aksje og legger til et premiepotensiale på 0,10 kr pga lang tidshorisont før de evt kan få likvide problemer, med andre ord utgjør de 10 ørene en slags tidsverdi på en opsjon på bedret marked i løpet av perioden.
highlander
15:56 07.01.2017
#6777

Etter oppgangen i det siste har Nordea Markets nedgradert Prosafe fra hold til selg.

Imidlertid holder meglerhuset kursmålet uendret på 30 kr.

OldNick
10:34 11.05.2017
#19076

Prosafe sliter og forventer ingen særlig bedring med det første.

4 rigger skrapet siste 3 kvartaler, og 1 rigg til vil bli skrapet snart.

PRS: Prosafe SE - Q1-2017 results

Børsmelding
11.05.2017

Utilisation of 40 per cent and EBITDA of USD 30.8 million in the quarter.

Mr. Jesper Kragh Andresen, Prosafe CEO says, "We are pleased with the Company's operating performance in this challenging market and the successful award by Statoil of the Johan Sverdrup contract".

Highlights

- Good operating performance in the quarter - focus on safety and compliance
- Awarded important long-term contract for Safe Zephyrus at Johan Sverdrup field in Norway
- Safe Concordia still on contract in Brazil, and options exercised for Safe Boreas and Safe Zephyrus
- Delivering on cost and capex reductions. Focus on continuous improvement remains
- Looking for optionality and value creation potential from financing terms, price and timing of delivery of COSCO new builds
- Safe Regency in process of being sold for scrap to protect cash and to increase competitiveness of the fleet"

mer på link

PRS: Q1-2017 Report (PDF)

PRS: Q1-2017 Presentation (PDF)
OldNick
09:05 02.11.2017
#19642

Svakt resultat fra Prosafe.

Preget av store avskrivninger.

Men de sier også at de regner med et veldig volatilt marked, og at oppgangen i markedsaktiviteten er svakere enn de forventet.


PRS: Prosafe SE - Q3-2017 results

Børsmelding
02.11.2017

(Figures in brackets refer to the corresponding period of 2016)

Utilisation of 38.9% and EBITDA of USD 27.6m in the quarter.

Mr. Jesper Kragh Andresen, Prosafe CEO says, "In early August, Safe Boreas commenced on a 13-month firm contract with Statoil at the Mariner installation in the UK North Sea. In addition, Statoil can exercise six one-month options. Total value of the firm contract is approximately USD 131.8 million, including a re-phasing charge of USD 30 million that was paid to the company in 2016. For Prosafe this is a very important contract and an equally important customer. Hopefully the period at the Mariner installation will continue to showcase our capabilities as operator of the highest quality flotels and creator of customer satisfaction."

Highlights

- Good operating performance
- Impairment of goodwill, older vessels and Safe Scandinavia
- Delivering on cost and capex reductions. Focus on continuous improvement remains
- No Lost Time Injury (LTI) in the quarter

Operations

The fleet utilisation rate of the vessels was 38.9% (52%).

The Safe Scandinavia TSV was fully contracted in the quarter to Statoil with a firm contract period until the end of June 2018.

Safe Caledonia commenced a contract with Total in the UK in mid-May 2017 and was fully contracted in the quarter. The contract ended late October 2017.

Safe Notos commenced a three-year and 222-day contract for Petrobras on 7 December 2016. From 1 July 2017, Safe Notos was off-hire to conduct preventive maintenance and repair of the gangway. The vessel recommenced operations with Petrobras in early August.

Safe Concordia completed the contract with Petrobras in late July. The vessel then moved from Brazil to Curacao for lay-up.

Safe Boreas commenced the 13-month firm contract period for Statoil at the Mariner installation in the UK in early August.

Safe Zephyrus, Regalia, Safe Bristolia and Safe Astoria were idle in the quarter. Safe Zephyrus, Regalia and Safe Bristolia are laid up in Norway, while Safe Astoria is laid up in Indonesia.

Safe Eurus is in a preserved, strategic stacking mode with COSCO (Qidong) Offshore Co., Ltd. (COSCO) in China. Consistent with previous quarters, the company has accrued for lay-up cost for Safe Eurus. According to the agreement with COSCO, 50 per cent of the accrued lay-up cost shall be paid on delivery and the remaining 50 per cent after delivery.

The standstill agreement between Prosafe and COSCO relating to Safe Nova and Safe Vega has been extended until December 2017. Prosafe remains in negotiations with COSCO and related parties to find a workable commercial solution for these vessels. If an agreement is not reached, Prosafe has the right to cancel the Safe Nova and Safe Vega newbuild contracts due to delay and claim a refund of the instalments plus interest equal to approx. USD 60 million secured by Bank of China.

Financials

Revenues for the third quarter of 2017 were USD 68.9m (USD 129.8m). This decline is due to the lower utilisation referred to above as well as lower day rates.

Operating expenses declined to USD 41.3m (USD 61.5m) mainly due to lower activity and cost reductions.

EBITDA was USD 27.6m (USD 68.3m).

Depreciation has increased to USD 34.8m (USD 29.1m) mainly due to the new build Safe Notos.

Due to a continued weak market outlook an impairment charge has been made to the third quarter accounts. The impairment amounts to USD 609m, out of which USD 226.7m relates to goodwill which has been fully impaired. The remaining USD 382.3m relates to the vessels.

Operating loss equalled USD 616.2m (operating profit of USD 39.2m). Excluding the impairment charge, the operating loss is USD 7.2m.

Net financial costs were USD 16.3m (USD 168.2m positive including a gain on forgiveness of bond debt of USD 197.6m).

Taxes declined to USD 2.5m (USD 5.5m). Net loss amounted to USD 635m (net profit of USD 201.9m).

Total assets at 30 September amounted to USD 1,957.3m (USD 2,711.2m).

The reduction is due to the impairment of vessel values in the quarter. Net interest-bearing debt equalled USD 1,139.8m (USD 1,242.9m), while the book equity ratio declined to 23.3% (39.7%) mainly as a consequence of the impairment charge made in the quarter.

Outlook

Despite positive signals like oil price development, reduced break even levels across the industry and oil companies returning to cash positive positions, activity pick-up is slower than expected. As a result Prosafe anticipates a continued volatile market for the foreseeable future. In the meantime, the company is continuing its focus on cost and spend efficiencies and business improvements to protect its financial runway. In combination with efforts to enhance its strategic position Prosafe aims to be well placed for an upturn.

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com

Larnaca, 1 November 2017
The Board of Directors of Prosafe SE

For further information, please contact:
Jesper K. Andresen, CEO, Prosafe Management AS, Phone: +47 9076 5155
Stig Harry Christiansen, Deputy CEO and CFO, Prosafe Management AS. Phone: +47 4780 7813
Cecilie Helland Ouff, Senior Manager Finance and IR, Prosafe AS, Phone: +47 9910 9467

PRS: Q3-2017 Report (PDF)

PRS: Q3-2017 Presentation (PDF)

Endret 02.11.2017 09:13 av OldNick
highlander
11:29 06.02.2018
#8124

Et innsidekjøp på fallende børs:

06/02-2018 11:12:53: (PRS) Prosafe SE: COO purchases shares in Prosafe SE

Jens Berge, Chief Operating Officer, has on 6 February 2018 purchased 13,000
shares in Prosafe SE at an average price of NOK 10.16 per share.

Following the transaction, Jens Berge owns 13,000 shares in Prosafe SE.

Prosafe is a leading owner and operator of semi-submersible accommodation
vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo
Stock Exchange with ticker code PRS. For more information, please refer to
www.prosafe.com

Larnaca, 6 February 2018
Prosafe SE
OldNick
16:30 06.02.2018
#19888

Det innsidekjøpet gjorde susen.
Det ble så høy kjøpsinteresse at markedet så mangel på villige selgere i ettermiddag. Så aggressive ble kjøperne at PRS havnet på toppen av børslistene.

Men, Prosafe leverte OK tall i dag morges også.

PRS: Prosafe SE - Q4-2017 results - good operating performance

Børsmelding
06.02.2018

EBITDA for the fourth quarter amounted to USD 40.1 million (USD 78 million). This decline is mainly due to lower utilisation of the vessels. Cash flow from operations was USD 44.2 million (USD 66.7 million).

Mr. Jesper Kragh Andresen, Prosafe CEO says, "Operations in the quarter have performed well, as reflected in a good operating result in the quarter and a year-end EBITDA slightly above our guiding. We continue to position the company to be able to deliver on any opportunities that may present themselves to the industry".

Highlights

- Good operating performance
- Utilisation of 36.1 per cent in the quarter
- Operating revenues at USD 76.7 mill.
- Cash flow from operations at USD 44.2 mill.
- Delivering on cost and capex reductions. Focus on continuous improvement remains
- Business development presence established in Mexico and Houston
- Positive macro indicators
- Foresee gradual pick-up in accommodation demand from 2019

Larnaca, 6 February 2018
The Board of Directors of Prosafe SE

For further information, please contact:
Jesper K. Andresen, CEO, Prosafe Management AS, Phone: +47 9076 5155
Stig Harry Christiansen, Deputy CEO and CFO, Prosafe Management AS, Phone: +47 4780 7813


PRS: Q4-2017 Report (PDF)

PRS: Q4-2017 Presentation (PDF)
highlander
11:35 08.03.2018
#8533

Pareto Securities har nylig oppgradert Prosafe fra selg til hold i en analyseoppdatering, samtidig som kursmålet paradoksalt nok ble nedjustert fra 15 til 11 kr. (Slike mismatcher i anbefaling vs. kursmål inntreffer gjerne når det går lang tid mellom oppdateringene, og kursen på underliggende verdipapir i mellomtiden har endret seg.)

Det som løfter aksjen i dag er imidlertid følgende:

08/03-2018 10:02:39: Prosafe SE: Prosafe wins Westcon dispute regarding the TSV Safe Scandinavia conversion

Stavanger City Court has made a favourable decision in the court case regarding the TSV Safe Scandinavia - Westcon dispute.

The dispute between Westcon Yards AS (Westcon) and Prosafe was related to a substantial cost overrun of Westcon's price estimate for the conversion of the Safe Scandinavia to a tender support vessel at Westcon. Westcon claimed an additional compensation of approx. NOK 306 million plus interest, whereas Prosafe disputed Westcon's claim and claimed a substantial repayment.

The Court gave judgement in favour of Prosafe, and has decided that Westcon must repay Prosafe NOK 344 million plus interest and NOK 10.6 million legal costs.

"We are very pleased to note that the Stavanger City Court has decided in our favour in practically all respects. The judgement represents full repayment of the amount claimed", says Jesper K. Andresen, CEO of Prosafe.
gorwell
08:02 09.03.2018
#22732

Den dommen gjorde susen. Verdt 8 kroner aksjen.

gorwell
highlander
10:01 20.03.2018
#8651

Prosafe meldte i går, etter at børsen stengte, om følgende kontrakt:

"Prosafe has signed a contract with BP Exploration Operating Company Limited ('BP') for the provision of the Safe Caledonia semi-submersible accommodation vessel at the Clair Ridge platform West of Shetland in the UK sector of the North Sea.

The five-month contract will commence end-May 2018 providing gangway connected operations to support hook up and commissioning activities.

Total value of the contract period is approximately USD 13.5 million."

Dette bidrar til at aksjen hevder seg i dagens marked, med en opptur på 3,7 % i skrivende stund.
highlander
19:47 18.04.2018
#9242

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highlander
17:07 03.05.2018
#9782

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Rune Hansen
20:32 03.05.2018
#9031

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highlander
08:23 04.05.2018
#9799

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Rune Hansen
19:20 04.05.2018
#9032

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highlander
12:17 07.05.2018
#9850

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Rune Hansen
13:44 07.05.2018
#9036

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OldNick
14:33 07.05.2018
#20099

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Rune Hansen
15:15 07.05.2018
#9037

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gorwell
15:51 18.05.2018
#22752

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OldNick
08:56 14.06.2018
#20258

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