Aug 15, 2024 / 08:00AM GMT
Terje Askvig - Prosafe SE - Chief Executive Officer
Welcome to the second-quarter 2024 presentation for Prosafe. In the quarter, we had a very good safety performance. We actually had no LTIs for the last 12 months. The utilization of the operating fleet was 56% and close to 100% for the four vessels that's actually were working.
In the quarter, we have secured letters of intent both Boreas and Caledonia, and we expect those to firm up during August.
Numbers-wise, the EBITDA came in at $6.6 million in the quarter. That was in line with the first quarter and very much in line with expectations. We saw a significant improvement compared to last year, where actually revenue for the first half of this year, revenue more than doubled, and EBITDA came in at $14 million versus minus $16 million last year. Cash stands at $66 million, up from $63 million last quarter.
We have runway into second, third quarter of 2025 versus our covenants and liquidity. And the improvement is very much due to the payment terms we have managed to negotiate for the letter of intents that we have secured.
Q2 2024 Prosafe SE Earnings Call Transcript
Aug 15, 2024
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