Norway's Prosafe Q2 revenue and EBITDA rise on higher fleet use
Norway's Prosafe Q2 revenue and EBITDA rise on higher fleet use
Overview
Norway offshore accommodation vessel operator's Q2 revenue rose yr/yr, driven by higher fleet utilization
Q2 EBITDA increased yr/yr as more vessels resumed operations after scheduled surveys
Company raised full-year 2026 EBITDA guidance to USD 50-55 mln
Outlook
Prosafe raises 2026 full-year EBITDA guidance to USD 50-55 mln, at high end of prior range
Company expects earnings growth from improved dayrate environment and upcoming contract roll-offs
Prosafe sees strong global market led by Brazil and Africa with recent and ongoing tenders
Result Drivers
VESSEL ACTIVITY - Safe Zephyrus and Safe Notos resumed operations after completing five-year surveys, contributing to revenue and EBITDA growth
FLEET UTILISATION - Four of five vessels generated revenue in Q2, with 71% fleet utilisation and good operating performance
MARKET CONDITIONS - Co said strong global market led by Brazil and Africa supported improved dayrates and backlog
Company press release: ID:nGNE6BXfVk
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue |
| $46.50 mln |
|
Q2 EBITDA |
| $9.70 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 2 "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 25.4% below its August 27 closing price of NOK5.36
Reuters Recommended Reads
Aug 25 - Norway's NorAm Drilling Q2 revenue rises sequentially on rigs efficiency
Aug 25 - China Oilfield Services H1 revenue, net income rise, helped by North Sea drilling strength
Aug 26 - Maritime lessor SFL posts preliminary Q2 profit; declares dividend
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(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.)