Prosafe SE Completes Recapitalization and Expands Share Capital
Prosafe SE Announces Successful Recapitalization
Prosafe SE, a prominent figure in the offshore services sector, has successfully concluded its recapitalization process, ushering in a new phase of opportunity and growth for the company. This strategic recapitalization includes an impressive injection of USD 193 million, represented by 321,635,718 new shares, enhancing the company's financial structure and positioning in the market.
New Shares and Warrants Issued
As part of the recapitalization, the issuance of up to 17,868,651 warrants to eligible shareholders was also announced, which will be exercised following the predetermined timelines outlined in the company's announcement. These new shares and warrants signify a crucial step towards rejuvenating Prosafe's capital base and enhancing its operational capabilities.
Positive Impact on Financial Position
This move has led to a noteworthy increase in the registered share capital of the company, now totaling EUR 3,395,043.69, divided into 339,504,369 shares with a nominal value of EUR 0.01 each. The transformation of debt into equity not only alleviates financial pressure but also strengthens Prosafe's commitment to long-term success.
Expansion of Business Operations
With revitalized financial health, Prosafe is entering a promising phase, bolstered by new contracts and improving market conditions. The recent award of a four-year contract for the Safe Notos at a significantly enhanced day rate of approximately USD 140,000 demonstrates the demand for Prosafe’s services and its capacity to meet client needs efficiently. Furthermore, operations for the Safe Caledonia have commenced, while the Safe Boreas prepares for an upcoming contract in Australia.
Leadership Transition and Future Outlook
Prosafe also welcomes a new Board of Directors following the recent annual general meeting. This leadership transition reflects the company's commitment to stewardship and strategic growth, and the outgoing board is commended for their significant contributions during their tenure.
Financial Expectations and Guidance
Looking ahead, Prosafe anticipates a strong liquidity position, projecting approximately USD 90 to 100 million in unrestricted liquidity. This financial cushion, along with a substantial headroom against covenants, positions Prosafe favorably as it navigates the upcoming fiscal challenges and opportunities.
Guidance for EBITDA
In light of the successful recapitalization, Prosafe has provided a positive outlook for the upcoming year with projections of EBITDA ranging from USD 35 to 40 million. This balanced outlook assumes the successful reactivation of the Safe Boreas and planned maintenance activities, which are essential for maintaining operational efficiency.
Conclusion
Through strategic financial maneuvers and a focus on operational excellence, Prosafe SE is poised for continued success in the offshore services market. The successful recapitalization and recent contract acquisitions underscore the company’s capacity to thrive in a competitive landscape.
Frequently Asked Questions
What is the nature of the recapitalization completed by Prosafe SE?
The recapitalization involves converting USD 193 million of debt into equity, resulting in the issuance of new shares and improved financial positioning.
How many new shares were issued during the recapitalization?
A total of 321,635,718 new shares were issued, increasing the company's registered share capital significantly.
What is the anticipated EBITDA for Prosafe SE in the upcoming year?
Prosafe SE anticipates EBITDA in the range of USD 35 to 40 million based on several operational factors and contract commitments.
What recent contracts has Prosafe SE secured?
Prosafe has secured a new four-year contract for the Safe Notos at an improved day rate and successfully commenced operations for the Safe Caledonia.
Who can I contact for more information regarding Prosafe SE?
For further inquiries, please reach out to Terje Askvig, CEO, at +47 952 03 886 or Reese McNeel, CFO, at +47 415 08 186.
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