Prosafe Se · OSL:PRS
Prosafe — Pareto Conference 2022
19 slides from Prosafe's conference presentation, Sep 14, 2022
Slide 1: Pareto Conference
September 2022 Pareto Conference
Slide 2: Disclaimer
Disclaimer 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.
Slide 3: Investment highlights
Investment highlights The leading offshore accommodation services provider Financially restructured with favorable terms and flexibility to 2025 Positive market outlook Well positioned to capture market upturn 3x increase in backlog last 12 months 3
Slide 4: Global leader in attractive offshore niche market
Global leader in attractive offshore niche market Working in all key offshore regions The leading owner and operator of semi- submersible accommodation vessels Modern fleet with 4 of vessels delivered after 2015 suited for the most demanding Caledonia Zephyrus Boreas Scandinavia offshore environ
Slide 5: Supporting efficient and safe execution of offshore projects
Supporting efficient and safe execution of offshore projects Providing accommodation, gangway connection, utilities and deck space for on-field project execution Hook-up/ Operation Decommissioning commissioning & maintenance Key demand Project sanctioning Age of installed topsides Shutdown and
Slide 6: Higher utilization driving increased day rates
Higher utilization driving increased day rates Global total fleet utilization (%)1) Day rate development $400 000 80 $350 000 70 $300 000 60 $250 000 50 $200 000 $150 000 40 $100 000 30 $50 000 20 $0 1) Source: Spinergie. Data from 38 vessels incl. scrapped, newbuilds at yard and cold stacked 6
Slide 7: Limited supply of tier 1 accommodation vessels
Limited supply of tier 1 accommodation vessels Number of competitive accommodation vessels1) Reduced supply and few new vessels on order Prosafe 6 Global DP3 semi (tier 1 supply) fleet of 14 vessels • Superior gangway connectivity and preferred by clients Floatel 4 • Several vessels delivered in t
Slide 8: Activity gradually picking up
Activity gradually picking up Backlog development Prosafe fleet development (#) $ million Significant earnings capacity from remaining fleet + Two newbuilds at yard 1 800 1 600 12 12 12 12 12 11 11 11 11 1 400 1 200 9 9 8 8 1 000 7 7 800 600 400 200 0 Q2 08 Q4 08 Q2 09 Q4 09 Q2 10 Q4 10 Q2 11 Q4 11
Slide 9: All active vessels working during 2022
All active vessels working during 2022 Contract overview Contracting update North Sea: Boreas completed work on Ekofisk (NCS) in June, to commence UKCS work in September Zephyrus on contract for BP ETAP in UKCS Caledonia contracted by TotalEnergies at Cold-stacked Elgin in UKCS South America:
Slide 10: Increased North Sea activity
Increased North Sea activity North Sea activity (# of vessel years) Demand outlook 7 North Sea demand increase due to the Norwegian 6 tax package and generally higher activity across the E&P industry 5 Hook-up of new developments a key driver 4 Continuous UKCS activity largely driven by mainte
Slide 11: New FPSOs coming into Brazil lead to increasing demand
New FPSOs coming into Brazil lead to increasing demand Brazil activity (# of vessel years) # of installations in Brazil expected to increase1) 9 Other type Existing Orderbook Potential Sum 8 92 89 90 7 84 77 77 79 73 74 74 72 74 74 6 66 64 5 4 3 2 1 - 2012 2013 2014 2015 2016 2017 2018 2019 2020 202
Slide 12: Large earnings potential in an improving market
Large earnings potential in an improving market Current fleet EBITDA and cash flow potential What is required USDm Indicative 2022 Average 2010-191 Peak (2013-14) EBITDA/vessel 13 22 30 # of vessels 6 6 6 Increasing hook-up and maintenance Whereof not on long term charter 4 4 4 requirements from E
Slide 13: Two newbuilds at yard available for delivery
Two newbuilds at yard available for delivery Safe Nova & Safe Vega: Owned by Prosafe and ready for delivery The only two DP3 accommodation semis at yard 500 POB and well suited for Petrobras requirements Agreed delivery terms with COSCO (under discussion): Payment on delivery: $25m each Se
Slide 14: Financially restructured with flexibility to 2025
Financially restructured with flexibility to 2025 Capital structure Debt maturity profile Refinancing completed end 2021 with debt reduced by $1.1billion $ million COSCO Main tranche Two outstanding tranches; 400 350 • Main tranche of $343 million for all vessels except Eurus 300 • Sellers Credi
Slide 15: Actively reducing fuel consumption and emissions
Actively reducing fuel consumption and emissions Indicative fuel consumption (m3/d) Comments What has been done: Target of 50% fuel and CO2 2+1 engine configuration Next priorities: reduction by 2030 ISO 50.001 certified (Boreas and Zephyrus) HVAC-systems Solutions that reduce Advisory s
Slide 16: Appendix
APPENDIX
Slide 17: Key financials
Key financials Revenues EBITDA Net debt EBITDA / Vessel 474 253 23 1 349 21 1 185 1 200 1 116 1 103 331 283 167 14 225 123 11 97 139 354 367 96 4 57 3 23 28 - 10 -1 17
Slide 18: Significant cost improvements since 2015
Significant cost improvements since 2015 - And ongoing measures to further improve costs SG&A* costs down over 60% since 2015 Opex / day down in all regions since 2014 Current opex per day 45 UK (DP) $35 – 40k/d 41 UK (Moored) $25 - $30k/d 40 40 40 Brazil $45k/d (incl. fuel) 40 Norway $55 – 60k/d Ro
Slide 19: Fleet of 7 modern vessels, whereof 4 delivered since 2015
Fleet of 7 modern vessels, whereof 4 delivered since 2015 - Two newbuilds available at yard North Sea focused South America Newbuilds Type: DP3, AoC Type: DP3 Type: DP3 Built: 2015 Built: 2019 Built: Newbuild # Beds: 450 # Beds: 500 # Beds: 500 Building costs:$344m Building costs:$206m*** Building c