Prosafe Investor Presentation — August 2020 - Prosafe

Document content

Q2 2020 results and business updateDisclaimer

All statements in this presentation other than statements of historical fact are

forward-looking statements, which are subject to a number of risks, uncertainties,

and assumptions that are difficult to predict and are based upon assumptions as

to future events that may not prove accurate. Certain such forward-looking

statements can be identified by the use of forward-looking terminology such as

“believe”, “may”, “will”, “should”, “would be”, “expect” or “anticipate” or similar

expressions, or the negative thereof, or other variations thereof, or comparable

terminology, or by discussions of strategy, plans or intentions. Should one or more of these risks or uncertainties materialise, or should underlying

assumptions prove incorrect, actual results may vary materially from those

described in this presentation as anticipated, believed or expected. Prosafe does

not intend, and does not assume any obligation to update any industry

information or forward-looking statements set forth in this presentation to reflect

subsequent events or circumstances.

Update on financial situation

2020 – a lost year:

•All time low activity: Utilisation of 6.5% in Q2 (71.6%)

•Reported EBITDA of USD 10 million negative

•Cash flow from operations was USD 5.5 million negative (USD

•The company has successfully implemented Covid -19 plans to

safeguard people and assets, as well as cost-saving initiatives to

protect liquidity and efforts to position the company through the turmoil

Total liquidity reserve of USD 178 million per Q2 2020 (USD 241

Remain in constructive dialogue with lenders regarding a

sustainable financial solution. The company expects to complete

the refinancing process in the second half of 2020

•Total contract moved from 2020 to 2021

•Safe Notos remains off hire and discussions continue

•Safe Eurus will reassume operations on 24 September 2020

•Further fleet enhancement: The process to sell Regalia for recycling

Preview truncated — download the full document for the complete content.