Prosafe Q4 and Full Year Report 2013

Fourth quarter

• Operating profit for the fourth quarter amounted to USD 67 million (USD 45.5 million). Utilisation of the fleet was 82 per cent (82 per cent). The rise in operating profit is mainly due to higher day rates.

• Net financial costs amounted to USD 6.8 million (USD 4.9 million). Interest income is down due to the settlement of the seller’s credit agreement entered into in relation to the sale of Safe Esbjerg in 2012.

• Net profit equalled USD 59.7 million (USD 42.3 million), corresponding to diluted earnings per share of USD 0.25 (USD 0.19).

• Total assets at 31 December amounted to USD 1 618 million (USD 1 487.2 million). Net interest-bearing debt equalled USD 666.2 million (USD 706.8 million), while the book equity ratio increased to 45.7 per cent (34.6 per cent).

• The Board of Directors has resolved to declare an interim dividend equivalent to USD 0.16 per share to shareholders of record as of 18 February 2014. The shares will trade ex-dividend on 14 February 2014. The dividend will be paid in the form of NOK 1.00 per share on 28 February 2014.

   

 Full year 2013

• Operating profit for 2013 amounted to USD 245.1 million (USD 222.4 million), with utilisation of the fleet rising to 83 per cent (82 per cent). 

• In 2013, Prosafe had over 1 million exposure hours and zero lost time injuries.

• Net financial expenses for 2013 amounted to USD 41.3 million (USD 44.4 million). In accordance with IFRS, interest costs totalling USD 4.5 million (USD 3.7 million) have been allocated to new build and refurbishment projects, and consequently capitalised as part of the vessel costs.

• Net profit for 2013 equalled USD 199.1 million (USD 177.5 million) and diluted earnings per share were USD 0.85 (USD 0.80).

Outlook 

• Prosafe saw a strong contract inflow during 2013, and the gross value of the contract backlog amounted to approximately USD 1.7bn (incl. options) at the end of the year, by far the highest level ever seen in Prosafe’s history.

• The accommodation market remains busy with a large amount of enquiries from clients both in the North Sea and the rest of the world. There are, however, fewer tenders taking place than at the same point in time last year, and it is likely that the contract inflow in 2014 will be lower than the record level experienced in 2013.

For more information, click the link below
Prosafe Q4-2013

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