May 03, 2018 Prosafe SE: First quarter 2018 results - Good operating performance and Safe Caledonia was awarded a five-month contractEBITDA for the first quarter amounted to USD 49.2 million (USD 32.8 million). This improvement has been achieved despite lower utilisation of the vessels and mainly due to lower operating expenses and revenue effects from IFRS 15 (USD 8.7 million). Cash flow from operations was USD 51.3 million (USD 73.8 million). Jesper Kragh Andresen, Prosafe's CEO states, "Despite the continued challenging market conditions, we are pleased to announce a continuation of our good operational performance. During the quarter we were awarded an important five-month contract by BP for the Safe Caledonia at the Clair Ridge platform West for Shetland. Indications remain that the general demand for accommodation services will gradually pick up from 2019. Meanwhile, we continue our efforts on cost efficiencies and business improvement so to ensure the company is well placed before the market upturn and for any opportunities that may present themselves to the industry". Highlights in the quarter
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 Oslo, 3 May 2018 Attachment: For further information, please contact: Jesper K. Andresen, CEO Stig Harry Christiansen, Deputy CEO and CFO This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. Q1 2018 report |