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which, inter alia, includes a recapitalization of USD 193 million into
321,635,718 new shares in the Company (the “New Shares”) and an offering of up
to 17,868,651 warrants to shareholders in the Company as of 16 May 2025 as
registered in the Euronex Securities Oslo VPS on the record date 20 May 2025
(the “Warrants”), subject to final approval being obtained by all lenders.
Reference is further made to the announcement published by the Company on 18
July 2025 regarding approval and publication of a prospectus in relation to
issuance of the New Shares and offering of Warrants.
Registration of the New Shares issued following conversion of USD 193,000,000 of
debt into equity has as part of the completion of the Recapitalization been
registered with the Norwegian Register of Business Enterprises.
The Company’s registered share capital has consequently increased by EUR
3,216,357.18, from EUR 178,686.51 to EUR 3,395,043.69, by issuance of
321,635,718 new shares, each with a nominal value of EUR 0.01.
The Company’s new registered share capital is EUR 3,395,043.69 divided into
339,504,369 shares, each with a nominal value of EUR 0.01.
Prosafe is pleased to announce that the Recapitalization is now effective. The
Recapitalization significantly improves Prosafe’s financial position, providing
fresh liquidity and a reduction in debt of USD 193 million.
Prosafe maintains a positive outlook with new contracts recently secured and
improved activity on the back of vessel re-activations. Prosafe recently
announced the award of a new 4-year contract for the Safe Notos at a
significantly improved day rate of approximately USD 140k/day. The Safe
Caledonia started its contract with Ithaca in the UK North Sea on 2 June 2025
and Safe Boreas has arrived in Singapore ahead of the upcoming contract in
Australia which has a start-up window between 15 November 2025 and 15 February
2026.
The Company would like to extend a warm welcome to the new Board of Directors
elected at the Company’s annual general meeting held on 21 May 2025. The Company
would also like to thank the departing board for all of their work, dedication
and support over the past several years.
The Company expects unrestricted liquidity (excluding restricted cash and cash
held in New Group) of approximately USD 90 to 100 million and headroom against
the new USD 20 million covenant of approximately USD 70 to 80 million at the
date of the Recapitalization.
Forward Looking Statement:
Prosafe takes the opportunity to provide guidance for the full year 2025 EBITDA
which is anticipated to be in the range of USD 35 - 40 million. This assumes
successful completion of the Safe Boreas re-activation prior to end Q3 2025,
planned Special Periodic Surveys (SPS) and related off-hire periods for Safe
Zephyrus and Safe Notos during Q3 and Q4 2025 as well as the successful
completion of the Safe Caledonia contract. Reference is made to the Q1
presentation published on 21 May 2025 regarding current contracts, anticipated
capital expenditure and costs.
For further information, please contact:
Terje Askvig, CEO
Phone: +47 952 03 886
Reese McNeel, CFO
Phone: +47 415 08 186
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act and the requirements of Oslo Børs’
Continuing Obligations.
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