(offshore-energy.biz) Oslo Stock Exchange-listed semi-submersible accommodation vessel owner and operator Prosafe has shed light on its activity in the first quarter of 2025.
Prosafe reported a revenue of $33 million in Q1 2025, which is similar to the $34 million in the same period last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) amounted to $4.6 million for the quarter, representing a decrease compared to $7.2 million in Q1 2024. Four vessels were active during the quarter.
“Operationally, we maintain high utilisation on our active fleet, while making good progress on preparing for new contracts in Australia and the UK. We also continue to build backlog with Safe Notos recently named winner, subject to final contract, of a 4-year tender with Petrobras in Brazil,” noted Prosafe CEO Terje Askvig.
“We are also very pleased with the support shown by our lenders and shareholders through the agreed refinancing which will create a sustainable capital structure going forward and ensure that Prosafe continues to be the world’s leading provider of floating accommodation vessels and Units for Maintenance and Safety (UMS).”
The company’s shareholders agreed on the terms of recapitalization at a meeting held on May 16, 2025, with completion expected in Q3 2025. This will entail the equitization of $193 million of debt for 90% of the shares in the company.
Prosafe expects the transaction to provide a sustainable capital structure and sufficient liquidity to meet capital expenditure and working capital needs for the foreseeable future. Following recapitalization, its net debt is projected to total $220 million.
Read full article: https://www.offshore-energy.biz/prosafe-balancing-asset-optimization-and-capital-reset/
Brazil Energy Insight 
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