Prosafe, the Norway-based operator of offshore accommodation vessels, reported higher revenue and EBITDA for the second quarter as more of its fleet returned to service.
The company recorded Q2 revenue of $46.50 million and EBITDA of $9.70 million, both up from the comparable period a year earlier. In response to the improved operating backdrop, Prosafe raised its full-year 2026 EBITDA guidance to $50 million to $55 million - moving the target to the top end of its previous range.
Management attributed the upward revision to a combination of a stronger dayrate environment and the effect of upcoming contract roll-offs. Prosafe noted that earnings growth is expected as dayrates improve and as contracts reset.
Operationally, two vessels - Safe Zephyrus and Safe Notos - resumed operations during the quarter after completing their five-year surveys. Those returns contributed to higher revenue and EBITDA in the period.
Four of Prosafe's five vessels generated revenue during Q2, producing a fleet utilization rate of 71%. The company reported generally good operating performance across the active vessels.
Prosafe pointed to robust global market conditions as a supporting factor, highlighting activity led by Brazil and Africa. The company said recent and ongoing tenders in these regions have supported both improving dayrates and backlog.
Market and sector implications
- The results and guidance move are directly relevant to offshore accommodation services and the offshore oil and gas support sector.
- Improved vessel utilization and higher dayrates can influence cash flow conversion in capital-intensive shipping and maritime service businesses.
The company did not provide additional numerical detail beyond the revenue, EBITDA, utilization rate, and the raised 2026 EBITDA guidance range.