Prosafe Se · OSL:PRS
Prosafe — Pareto Securities' Energy Conference 2020
14 slides from Prosafe's conference presentation, Sep 16, 2020
Slide 1: Pareto Securities' Energy Conference
16 - 17 September 2020 Pareto Securities’ Energy 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: Agenda
Agenda Prosafe anno 2020 Update on financial process Strategy & Outlook 3
Slide 4: Prosafe anno 2020
Prosafe anno 2020 # vessels per owner (Total: 38) The worlds largest owner of semisubmersible accommodation vessels (flotels) Prosafe 10 Largest player in an Outperform since 2016: Market share ~50 %. Achieved with ~25 % of the global fleet Floatel Cotemar 3 5 industry in need of POSH 2 Delivere
Slide 5: Fleet status: Contracts, wins and extensions
Fleet status: Contracts, wins and extensions Contract backlog Contracting update Safe Notos contract with Petrobras under suspension for 120 days from April 2020 with gangway connected operation anticipated commencement within October 2020 Safe Eurus will recommence gangway connected operations
Slide 6: Order backlog per end Q2 2020
Order backlog per end Q2 2020 2500 2000 878 649 604 1500 610 621 604 598 593 1000 564 518 1541 481 483 1371 1239 1111 500 1024 1084 997 38 816 36 703 36 590 36 67 486 449 443 67 78 37 375 304 45 21 8 273 232 209 199 11 7 184 156 170 146 127 122 0 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 7: Agenda
Agenda Prosafe anno 2020 Update on financial process Strategy & Outlook 7
Slide 8: Constructive process with lenders ongoing
Constructive process with lenders ongoing Prosafe has been engaged in a constructive process with its lenders since Q4 2019 The company aims at achieving a sustainable balance sheet in line with many other companies in the oil and gas services industry • The company has received continued suppor
Slide 9: Agenda
Agenda Prosafe anno 2020 Update on financial process Strategy & Outlook 9
Slide 10: Key focus areas
Key focus areas 1 2 3 4 5 Modernize the Sustainable ESG – Energy Commercial wins Westcon court case fleet financial solution Efficiency Prosafe’s most Constructive Maintain or improve Optimizing fuel and Court case competitive fleet, process with commercial out energy ongoing. Final average age of l
Slide 11: Global oversupply of vessels
Global oversupply of vessels - Fleet enhancement and consolidation remains on the agenda Global supply demand outlook 45 40 Total Supply: 38 Vessels 35 30 # Vessel Years 25 Scrapping required to balance market 20 15 10 5 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021e 2022e
Slide 12: Scrapping anticipated to gradually reduce oversupply
Scrapping anticipated to gradually reduce oversupply - But might take time Current supply based on year of delivery Scrapping candidates Active Cold-Stacked Scrapped 40 6 35 38 12 5 30 25 4 26 Years between cycles: 25 - 30 years 20 3 15 2 10 1 5 0 0 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020
Slide 13: High consolidation potential
High consolidation potential Consolidation opportunities Consolidation opportunities - # of vessels per owner Prosafe is well placed to drive 12 consolidation in the industry due to its strong commercial 10 outperformance, cost leadership and global presence 8 Operating 1 - 2 flotels is not effi
Slide 14: Summary
Summary 2020 – a lost year from an operational activity and financial results point of view Adapting operating model to a new reality; cost, spend, flexibility and sourcing from partners Working with lenders to arrive at a sustainable financial solution Aim to maintain commercial outperforma