Prosafe Se

Good morning and welcome to ProSafe's second quarter 2021 results and business update presentation. Turning to page two, you will see the familiar disclaimer, which is identical to the previous disclaimers. So we go quickly to page number three containing the agenda. We will endeavor to give a short and concise update on the situation in ProSafe and we will shortly start with the main priority. Stig will provide an update on the financial restructuring process. I will take us through the highlights for the quarter. Stig will comment a bit on the financial results for the quarter and I will round us off with an update on the commercial activity and operational activity and summarize the presentation. With that introduction, I will ask Stig to take us to page four and give an update on the financial restructuring process.

Stig, over to you. Thank you, Jesper, and good morning, everyone. A short update on the financial restructuring process. We have, of course, done our utmost to keep you all continuously informed via press releases, so there might not be much news. Having said that, I think it's important from our side to underscore the fact that we are on track. These processes tend to take time, but other than that, we are on track with support from a clear majority of all our lenders and I think we are quite pleased despite the time involved that we now seem to be getting very close to implement a new financial position for the company on a consensual basis, which is very helpful. According to the current plan, as recently announced, we are on schedule to have an extraordinary general meeting towards the end of September, where we assume the solution agreed with the lenders will be approved. And on that basis, moving forward, we continue to anticipate that we will have the full solution implemented and effective before or around year-end 2021. And in short, just to remind everyone, and without going into the specific details, we will see a significant deliberation of the balance sheet, about 75% debt reduction, and of course, corresponding significant reduction in annual debt service cash costs and a more robust financial situation than we have had for the last few years. A consequence of this, which needs to be highlighted, is of course that although the company following the restructuring will be left with gross debt of about 343 million US dollars, excluding the safe euros, which is financed the seller credit with the yard. The existing banks and other creditors will end up owning 99% of the shares in the company with the existing i.e. current shareholders and bondholders or convertible bondholders will then be left with 1% of the equity. But to round off, we are on track. We are pleased with the cooperation with our lenders and the opportunity to implement the solution on a consensual basis. And we are doing our utmost to have this in place as soon as possible and certainly before year end. And we will, of course, keep the market continuously updated as things progress. And I think on that note, Jesper, I will pass the word back to yourself.

OK. Thank you, Stig. I think then we can turn to page six, which contains the highlights for the quarter. The fleet utilization came in at 65.8% compared to only 6.5% a year ago, a clear. indication that activity is returning to normal in our segments and the temporary pause which COVID forced upon us is now coming to an end. Consequently, the EBITDA came in at 18.1 million compared to 10 million negative last year when everything was paused due to COVID. Cash flow from operations was negative of just over 21 million, which is mainly due to working capital and logical consequence of our increased activity and the fact that we get paid from our customers a bit later than we make the earnings. Liquidity reserve stands of approximately 120 million. And as you will be aware from the previous communication, that will be reduced a bit further when we implement the restructuring, as that implies a cash payment to our first priority lenders in conjunction with the significant debt reduction that Stig just mentioned. In operations, we had five of the seven vessels we have on the water working. As you may be aware, the S6 vessel, the safe Concordia, actually commenced working as well in July, shortly after the end of the quarter. We were fortunate enough to see customers exercising options under their charters for both safe Boreas and safe Zephyrus. And we are at the time of the year where there normally are ongoing commercial negotiations for work next year. And we have quite a few ongoing, both in North Sea and in Brazil. With that, Stig, I will hand the word back to you to go to page eight for a few comments to the financial results.