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Prosafe SE (PRSO.OL)

PRSO.OL on Oslo Stock Exchange

18.22NOK
22 Jun 2018
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Latest Key Developments (Source: Significant Developments)

Prosafe extends standstill agreement with Cosco
Friday, 18 May 2018 

May 18 (Reuters) - Prosafe SE ::PROSAFE EXTENDS STANDSTILL AGREEMENT WITH COSCO.CONTINUES TO WORK WITH COSCO SHIPPING (QIDONG) OFFSHORE CO. LTD (COSCO) TO FIND A COMPREHENSIVE COMMERCIAL SOLUTION FOR THREE PROSAFE VESSELS THAT CURRENTLY RESIDE IN COSCO'S QIDONG SHIPYARD.STANDSTILL AGREEMENT BETWEEN PROSAFE AND COSCO RELATED TO SAFE NOVA AND SAFE VEGA HAS RECENTLY BEEN EXTENDED UNTIL 31 MAY 2018.REMAINS IN NEGOTIATIONS WITH COSCO AND RELATED PARTIES FOR A WORKABLE COMMERCIAL SOLUTION FOR SAFE NOVA AND SAFE VEGA.  Full Article

Prosafe extends standstill deal with Cosco​
Thursday, 7 Dec 2017 

Dec 7 (Reuters) - Prosafe Se ::PROSAFE EXTENDS STANDSTILL AGREEMENT WITH COSCO.‍CONTINUES TO WORK WITH COSCO (QIDONG) OFFSHORE CO. LTD (COSCO) TO FIND A COMPREHENSIVE COMMERCIAL SOLUTION FOR THREE PROSAFE VESSELS THAT CURRENTLY RESIDE IN COSCO'S QIDONG SHIPYARD​.‍SAFE EURUS IS IN A PRESERVED, STRATEGIC STACKING MODE AND NEGOTIATIONS CONTINUE WITH COSCO TO FIND A WORKABLE COMMERCIAL SOLUTION​.‍STANDSTILL AGREEMENT BETWEEN PROSAFE AND COSCO RELATED TO SAFE NOVA AND SAFE VEGA HAS RECENTLY BEEN EXTENDED UNTIL 20 APRIL 2018​.  Full Article

Prosafe CEO buys shares in firm
Friday, 3 Nov 2017 

Nov 3 (Reuters) - PROSAFE SE :PROSAFE SE: CEO PURCHASES SHARES IN PROSAFE SE.JESPER KRAGH ANDRESEN, CEO HAS ON 3 NOVEMBER PURCHASED 32,476 SHARES IN PROSAFE SE AT AN AVERAGE PRICE OF NOK 14.4356 PER SHARE.​.  Full Article

Prosafe Q3 EBITDA weaker than expected, guidance unchanged
Thursday, 2 Nov 2017 

Nov 2 (Reuters) - Prosafe Se :Prosafe q3 ebitda $‍27.6​ million (Reuters poll $31.5 million).Prosafe q3 revenue $‍68.9​ million (Reuters poll $72.6 million).‍Says due to a continued weak market outlook an impairment charge has been made to q3 accounts.Impairment amounts to usd 609 million, out of which.USD 226.7 million relates to goodwill which has been fully impaired. The remaining USD 382.3 million relates to the vessels.​.Prosafe net interest bearing debt $‍1,139.8​ million at end-q3 versus $1,135 million at end-q2.Says despite positive signals like oil price development, reduced break even levels across industry and oil companies returning to cash positive positions, activity pick-up is slower than expected.‍As a result prosafe anticipates a continued volatile market for foreseeable future.Repeats EBITDA and capex guidance for 2017​.  Full Article

Prosafe's fleet utilisation was 38.9 pct in Q3
Thursday, 19 Oct 2017 

Oct 19 (Reuters) - Prosafe Se :Prosafe se says ‍fleet utilisation rate in Q3 of 2017 was 38.9 per cent (Q3 2016 52 per cent)​.Standstill agreement between prosafe and cosco relating to safe nova and safe vega has been extended until december 2017. Prosafe remains in negotiations with cosco and related parties to find a workable commercial solution for these vessels.If an agreement is not reached, Prosafe has the right to cancel the Safe Nova and Safe Vega newbuilding contracts due to delay and claim a refund of the instalments plus interest equal to approx. USD 60 million secured by Bank of China​.  Full Article

Rig accommodation firm Prosafe sees lower demand, Q2 earnings in line
Thursday, 24 Aug 2017 

Aug 24 (Reuters) - PROSAFE SE >:PROSAFE Q2 EBITDA $24.4 MILLION (REUTERS POLL $23.1 MILLION).CONTINUED LOW OIL PRICES AND CAUTIOUS E&P SPENDING ARE INDICATING THAT ACTIVITY LEVELS MAY STAY LOWER FOR LONGER THAN PREVIOUSLY EXPECTED.CONSEQUENTLY NEAR TERM MARKET ACTIVITY IN TERMS OF BIDDING HAS REDUCED.PROSAFE NET INTEREST BEARING DEBT $1,134.8 MILLION AT END-Q2 VERSUS $1,134 MILLION AT END-Q1.HOWEVER PROSPECT LIST WITH A THREE-YEAR LOOK-OUT REMAINS AT A RELATIVELY HIGH LEVEL.  Full Article

Rig firm Prosafe increases revenues in Q2, market outlook remains uncertain
Wednesday, 24 Aug 2016 

: Rig operator Prosafe says revenues for q2 of 2016 were usd 115.4 million (usd 92.5 million in Q2 2015) . Prosafe says q2 operating profit was usd 32.5 million (usd 22.8 million in Q2 2015) . Prosafe says q2 net profit usd 5.2 million (usd 12.2 million in Q2 2015) . The fleet utilisation rate in the second quarter of 2016 was 41 per cent (58 per cent in Q2 2015) . Says the increase in revenues reflect that high day rate units have been on contract during the second quarter this year as opposed to last year. This has been partly offset by the closure of the Gulf of Mexico contracts which generated relatively low day rates . Prosafe says market outlook remains uncertain in near term, and although there are a number of prospects, 2017 is expected to be low point in activity level . Prosafe says combined with continued focus on asset integrity and maintenance on offshore installations, company expects a gradual market recovery from 2018 onwards . Prosafe says has scrapped 3 vessels and it anticipates that other suppliers' vessels will be scrapped, on this basis it expects a more balanced market by 2020 . Prosafe says group's target remains to reduce annual costs by at least usd 30 to 40 million . Prosafe says the ongoing refinancing was approved by the requisite majorities in the Company's bond loans on 12 August 2016.  Full Article

Oslo-listed Prosafe eyes scrapping, consolidation while awaiting market upturn

OSLO Accommodation rig firm Prosafe will continue to scrap old rigs and take part in consolidation if opportunities arise while it awaits better market conditions, it said on Friday, after posting a low utilisation rate in the first quarter.