Prosafe Se · OSL:PRS
Prosafe — Pareto Securities' Energy Conference 2021
15 slides from Prosafe's conference presentation, Sep 16, 2021
Slide 1: Pareto Securities' Energy Conference
16 September 2021 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 2021 & status Update on financial process Strategy & Outlook Summary 3
Slide 4: Prosafe anno 2021
Prosafe anno 2021 # vessels per owner (Total: 38) The worlds largest owner of semisubmersible accommodation vessels (flotels) 9 Largest player in an 5 Significant win rate over the last years ensuring better utilization and earnings than competitors 3 industry in need of 3 2 consolidation Best
Slide 5: Fleet status: Contracts, wins and extensions
Fleet status: Contracts, wins and extensions Contract backlog Contracting update Safe Concordia: commenced a 117-day contract in Trinidad on 25 July 2021. Possible extension up to 3 months beyond firm period. Safe Notos: on contract with Petrobras through to mid-November 2021. Extension discussi
Slide 6: Order backlog per Q2 2021 (USD million)
Order backlog per Q2 2021 (USD million) 350 Firm contracts Options In negotiation* 300 250 200 150 100 50 0 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 *Firm periods only. Predominantly related to work in 2022 6
Slide 7: Agenda
Agenda Prosafe anno 2021 & status Update on financial process Strategy & Outlook Summary 7
Slide 8: More than USD 1 billion in debt reduction
More than USD 1 billion in debt reduction Update on financial restructuring process Debt before and after restructuring The financial process is on track with formal support from a decisive majority of the lenders (98.2%). Long term debt Eurus Sellers Credit As announced the consensual solution
Slide 9: Agenda
Agenda Prosafe anno 2021 & status Update on financial process Strategy & Outlook Summary 9
Slide 10: Strategy going forward
Strategy going forward Consolidate the industry Improve competitiveness Reduce GHG emissions Cost and cash optimization Prosafe 9 Floatel 5 SG&A Cotemar 3 Macro Offshore 3 POSH 2 CIMC 2 Gran Energia 2 Pemex 2 Poseidon Maritime 1 Qingdao Shipy. 1 Alyar 1 CIMC / OOS 1 Altera 1 HHI 1 Nortrans 1 Lauritz
Slide 11: High consolidation potential
High consolidation potential Consolidation opportunities Consolidation opportunities - # of vessels per owner Prosafe is well placed to drive Prosafe 9 consolidation in the industry due to Floatel 5 its strong commercial Cotemar 3 outperformance, listing, cost leadership and global presence Macro
Slide 12: Reducing the cost base to improve competitiveness
Reducing the cost base to improve competitiveness SG&A* costs down over 60% since 2015 CPD down 35-40% on average 45 Opex NCS UK NCS UKCS Brazil 41 (CPD % (TSV) 40 40 40 40 reduction) DP DP Moored Moored DP 35 2015 - 2021 ~20% ~ 45% ~25% ~40% ~42% 30 30 Stacking Stacking (CPD $k/d) cost/day 25 2015
Slide 13: Prosafe with ambition to reduce emissions by 50% within 2030
Prosafe with ambition to reduce emissions by 50% within 2030 Energy consumption on Zephyrus TargetsAlternative 50% reduction modes in to fuel reduce consumption emissions 14000 Preliminary measurements 100% Thrusters 12000 29 % Other 90% consumers Improvements towards 2030 = 30% 10000 (Ship services
Slide 14: Agenda
Agenda Prosafe anno 2021 & status Update on financial process Strategy & Outlook Summary 14
Slide 15: Summary
Summary The largest and only listed player in the offshore accommodation industry Presence and experience from all key regions – diversified earnings potential Financial restructuring is on track – improved balance sheet and flexible cost structure New contracts in the North Sea – earnings a