Q4 2024 Prosafe SE Earnings Call Transcript
Key Points
- Prosafe SE (FRA:1Q6) achieved 100% utilization for all four operational vessels in Q4 2024.
- The company successfully extended the contract for the Zephyrus vessel for an additional two years.
- There is significant market activity in Brazil, aligning with Prosafe SE (FRA:1Q6)'s strategic focus, leading to optimism about future opportunities.
- The company's backlog has grown by 44% compared to the same quarter last year, indicating strong demand and execution.
- Prosafe SE (FRA:1Q6) is making good progress on refinancing efforts, with a target to complete a $400 million refinancing within the first half of the year.
- The company is facing increased costs, particularly related to the Concordia vessel, which may impact financial performance.
- Prosafe SE (FRA:1Q6) has significant capital expenditure needs, with approximately $70 million required in 2025 for reactivations and special periodic surveys (SPS).
- The Safe Scandinavia vessel remains cold stacked, costing the company $1 million annually, with no immediate contract visibility.
- There is uncertainty regarding the future of the Concordia vessel, as it may be laid up or sold if a suitable contract is not secured.
- The company is reliant on successful refinancing to meet its $400 million financial needs, which includes debt maturing at the end of the year.
Welcome to Q4 2024 results for Prosafe. The last quarter was quite an eventful quarter for us on operation. I would say that we had a good quarter. All the four vessels that are in operations had 100% utilization, and we managed to extend the contract for Zephyrus for another two years. As we said in the previous quarter, we expected that, but now we actually have ink on the paper.
For financials, Reese will come back to that later, but we are working on the refinancing of the company. And as previously said, we are looking to refinance a total of $400 million, and we have good dialogue with all stakeholders, including our lenders on that. So we are working on that, and we expect to have that completed within the first half. But I think that we have good progress on the refinancing as such.
Market-wise, I'll come back to Brazil actually, because there's a lot of activity there. So that's quite positive. So our thesis on Brazil is coming through. So we are optimistic on that. And also, I'll talk a little bit about what happens in the
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