Prosafe SE Posts 45.8% Q1 Revenue Growth to $48.1M, 79% Utilization
Prosafe SE reported Q1 revenue of $48.1 million, a 45.8% increase year-on-year and surpassing the $40.6 million consensus, while EPS held at -$0.04. Fleet utilization reached 79%, with full contract coverage into 2027, a $403 million order backlog, $87.4 million liquidity, and net debt lowered to $210.3 million.
1. Q1 Financial Results
Prosafe SE delivered Q1 revenue of $48.1 million, up from $33.0 million a year ago and beating the $40.6 million consensus, while EPS matched forecasts at -$0.04. The strong top-line growth underscores robust demand for its semi-submersible accommodation vessels.
2. Operational Highlights
All five vessels were active during the quarter, achieving a 79% utilization rate. The company has secured contracts for its entire fleet into 2027, supporting a future order backlog of $403 million, including options.
3. Balance Sheet and Liquidity
Operational cash flow reached $54.7 million, ending the quarter with $87.4 million in liquidity. Net interest-bearing debt was reduced to $210.3 million, with a current ratio of 1.51 and a debt-to-equity ratio of 2.07, reflecting solid financial management.
