Prosafe SE Navigates Recapitalisation and Operational Updates

In a series of strategic moves, Prosafe SE, a key player in the energy sector, has been actively navigating through a significant recapitalisation process while maintaining robust operational performance. The company, known for its global operations of semi-submersible accommodation vessels, has recently announced several updates that are pivotal for its stakeholders.

Recapitalisation Efforts

On April 24, 2025, Prosafe SE announced the terms of a recapitalisation agreement with its lenders, marking a critical step in its financial restructuring. The company has reached an agreement with lenders representing its USD 250 million and USD 93 million loan facilities. This recapitalisation, supported by shareholders holding 54% of the company’s shares, is subject to final approvals from all lenders. This move is part of a broader strategy to strengthen the company’s financial position and ensure long-term sustainability.

In conjunction with the recapitalisation, Prosafe SE has proposed the issuance of warrants to existing shareholders, as detailed in notices published on April 25, 2025. These warrants are part of the proposed recapitalisation plan, aiming to provide shareholders with additional investment opportunities. An extraordinary general meeting is scheduled for May 16, 2025, to pass the necessary resolutions for completing the transaction.

Operational Performance

Despite the financial restructuring, Prosafe SE has maintained a strong operational performance. In March 2025, the company reported a fleet utilisation rate of 52%, with several vessels achieving near-full commercial uptime. Notably, Safe Zephyrus operated at full capacity, achieving 100% commercial uptime, while Safe Notos and Safe Eurus both recorded 99% uptime. Safe Concordia also operated at full capacity during its active days before being transferred to a new owner on March 13, 2025.

Market Position and Outlook

Prosafe SE’s market capitalisation stands at 11,930,000 NOK, with a close price of 6.66 NOK as of April 23, 2025. The company’s stock has experienced volatility, with a 52-week high of 42.75 NOK and a low of 5.5 NOK. The price-to-earnings ratio is currently negative, reflecting the company’s ongoing financial adjustments.

As Prosafe SE continues to navigate its recapitalisation and operational strategies, the company remains focused on leveraging its fleet’s capabilities and exploring strategic divestments. These efforts are expected to position Prosafe SE for future growth and stability in the competitive energy equipment and services sector.

For stakeholders and investors, the upcoming extraordinary general meeting and the successful completion of the recapitalisation will be critical milestones in assessing the company’s trajectory and potential for recovery and growth.