Prosafe SE: Company update 1st June 2016
(Thomson Reuters ONE) -
As set out in Prosafe SE's ("Prosafe" or the "Company") Q1 2016 report, the
Company remains in constructive dialogue with its key stakeholders for the
purpose of improving the Company's financial situation. The Company is
evaluating, together with its advisors, different options that will secure a
robust solution and sufficient runway for the Company throughout 2020, which may
include a deleveraging of the balance sheet.
The current discussions are based on a balanced solution involving new capital,
amortization relief and covenant ease from the senior lenders and conversion
(equitization) of all or parts of the outstanding unsecured bond debt.
Furthermore, the Company is working to find an amicable solution regarding the
delivery of the Safe Eurus to better fit its contractual obligations and to
reduce actual 2016 capex compared to the USD 700 million guiding.
In parallel, the Company continues the work to optimise its operating model,
fleet composition and fleet utilization, as well as cost and spend levels.
The board currently anticipates that a solution is within reach during the
summer. The Board further anticipates that the Company will deliver an EBITDA in
2016 of between USD 170 mill and USD 220 mill and an EBITDA in 2017 of between
USD 110 and USD 140 mill depending on the outcome of certain contractual
discussions with counterparties.
Prosafe is the world's leading owner and operator of semi-submersible
accommodation vessels. The company operates globally, employs 850 people and is
headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange
with ticker code PRS. For more information, please refer to www.prosafe.com
Larnaca, 1 June 2016
Georgina Georgiou, General Manager
Prosafe SE
For further information, please contact:
Stig Harry Christiansen, Acting CEO and CFO
Prosafe Management AS
Phone: +47 51 64 25 17 / +47 478 07 813
Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 51 64 25 20 /+47 991 09 467
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Prosafe SE via GlobeNewswire
[HUG#2017014]
Unternehmensinformation / Kurzprofil:
Datum: 01.06.2016 - 08:46 Uhr
Sprache: Deutsch
News-ID 474848
Anzahl Zeichen: 2950
contact information:
Town:
Larnaca
Kategorie:
Business News
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