Norway's Prosafe Q1 revenue rises on fleet utilisation
Norway's Prosafe Q1 revenue rises on fleet utilisation
Overview
Norway accommodation vessel operator's Q1 revenue rose yr/yr as all five vessels generated revenue
Q1 EBITDA increased yr/yr as fleet utilization reached 79%
Company backlog reached $403 mln at end-Q1, with all vessels contracted into 2027
Outlook
Prosafe maintains full-year 2026 EBITDA guidance at USD 45-55 mln
Company says all vessels are contracted into 2027
Prosafe sees strong global market led by Brazil and Africa, with ongoing tenders
Result Drivers
VESSEL UTILISATION - All five vessels contributed to revenue, with Safe Eurus and Safe Boreas on hire for the full quarter, while Safe Zephyrus and Safe Notos began special periodic surveys and Safe Caledonia completed its contract in February
OPERATING PERFORMANCE - Company reported good operating and safety performance with 79% fleet utilisation
Company press release: ID:nGNE5L2G2s
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q1 Revenue |
| $48.10 mln |
|
Q1 EBITDA |
| $14.80 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the oil related services and equipment peer group is "buy."
Wall Street's median 12-month price target for Prosafe SE is NOK4.00, about 4.6% below its May 28 closing price of NOK4.20
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)