Coming off its third restructuring post the oil services downturn, PRS’s working fleet has been reduced to five working units and interest-bearing debt to ~USD 300m. Leverage is still high given execution of legacy contracts, and future earnings growth remains subject to contract renewals at improved rates. Notos will be first out in 2026, with its repriced Petrobras contract at a ~85% higher dayrate vs. the current level. With other units expected to follow, 2028 should be the first full year w ....
