Prosafe SE

Management said Q4 EBITDA was "fantastic" and "almost tripled year-over-year," but did not state the exact EBITDA number in the transcript. Charter income increased significantly, driven by strong utilization and Boreas on full rate from 15 December. Net profit in the quarter was $5.3 million. Cash CapEx was $9 million, cash was $65.3 million, and the company said its cash position leaves it comfortable covering the upcoming SPS work. For 2025, management said EBITDA guidance was $35 million to $40 million and the company ended in the higher end of that range. For 2026, Prosafe guided to EBITDA of $45 million to $55 million, citing full-year Boreas and the Notos contract step-up as key contributors. Management also said working capital should improve materially in 2026.

Reese McNeel struck an upbeat tone on operations and the market, saying Prosafe has a strong high-end fleet, a leading Brazil position, and very strong market fundamentals. He emphasized that the company has cleaned up the fleet, brought all rigs back to work, and is focused on late-cycle brownfield, maintenance, tie-back, and life-extension work around FPSOs. He repeatedly pointed to Brazil and other regions as evidence that demand is broadening beyond Petrobras, and said consolidation would benefit the sector. His main strategic focus remains securing extensions or new work for Eurus and Zephyrus in 2027 and beyond.

Halvdan Kielland said EBITDA improved sharply in Q4, with charter income rising on strong utilization and Boreas contributing from 15 December. He pointed to $20 million of other income, largely reimbursable costs from the Boreas contract in Australia, and said Q4 net profit was $5.3 million. On cash flow, he highlighted $9 million of CapEx, a cash balance of $65.3 million, and comfort that liquidity is sufficient for the two SPS programs and ongoing projects. He also noted the capital structure is unchanged aside from a small repayment of Eurus seller's credit and the addition of PIK interest, and said the main debt stack is due in August 2028 with an option to push the $233 million tranche out to 31 December 2029 if Eurus is extended.

Management was asked what OpEx to assume for Caledonia and said it is about $35,000 per day when working and about $20,000 per day when laid up, plus a few million dollars of lay-up costs. On future CapEx, Reese said SPS costs tend to run $20 million to $30 million per rig and that non-SPS contract-specific CapEx is typically $2 million to $4 million per rig, though it depends on the contract structure. He also said Q4 reimbursables were unusually high because the heavy-lift vessel charter from Norway to Brazil was itself a reimbursable, and that reimbursables should remain meaningful but not at the same level in 2026. In response to questions on market demand, he argued FPSO maintenance needs in Brazil remain strong because of corrosion, regulatory shut-ins, and growth in FPSO activity.