Brief: Prosafe Slow 2023 North Sea Market As Expected

Prosafe SE

10/05/2023 15:36

May 10 (Reuters) - Prosafe SE  PRSO.OL :
    * SLOW 2023 NORTH SEA MARKET AS EXPECTED
    * TENDER ACTIVITY FOR 2024 AND 2025 INCREASED
    * ADDITIONAL 1 TO 2 TENDERS EXPECTED IN NORTH SEA AND A MINIMUM OF 2 TENDERS IN BRAZIL
EXPECTED
FOR 2024
    * FAVOURABLE DEMAND OUTLOOK IN CORE MARKETS
    * 2023 LIQUIDITY IS IMPACTED BY LOW ACTIVITY IN NORTH SEA AND CAPITAL EXPENDITURE PLUS
MOBILIZATION SPEND FOR NEW CONTRACTS IN BRAZIL AND US GOM
    * ADDITIONAL CAPITAL WILL BE REQUIRED TO MITIGATE A COVENANT BREACH AND POTENTIAL LIQUIDITY
SHORTFALL FROM Q3/Q4 2023
    * BOARD IS CONFIDENT THAT ADDITIONAL CAPITAL CAN BE RAISED AHEAD OF POTENTIAL SHORTFALL IN
Q3
    * CONTINUES TO SEE A SOFT NORTH SEA MARKET IN 2023 WITH LIMITED PROSPECTS FOR SAFE CALEDONIA
AND
SAFE BOREAS
    * DOES NOT EXPECT SIGNIFICANT EARNINGS FROM SAFE CALEDONIA AND SAFE BOREAS IN 2023

Source text for Eikon:  ID:nGNENSY7D 
Further company coverage:  PRSO.OL 

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