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September 2025 Pareto Securities' Energy Conference 2025 Prosafe to select new image Company presentation
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All statements in this presentation other than statements of historical fact are forward-looking statements, which are subject to a number of risks, uncertainties, and assumptions that are difficult to predict and are based upon assumptions as to future events that may not prove accurate. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as “believe”,“may”, “will”, “should”, “would be”, “expect” or “anticipate” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. Although we believe that the expectations reflected in such forward -looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation as anticipated, believed or expected. To the extent this information includes information sourced from third parties, such as concerning the industry in which Prosafe operates, has not prepared such information and assumes no responsibility for it. Prosafedoes not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this presentation to reflect subsequent events or circumstances. Disclaimer 2
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A leader in offshore accommodation 3 Market leader in tightening market All high-end units contracted in 2026 Backlog growth to 2030 at higher rates Sustainable capital structure Explore strategic opportunities/M&A and enhance efficiency
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4 Prosafe in brief Safe Zephyrus Safe Eurus Safe Notos Safe Nova Safe Vega Safe Boreas Safe Caledonia Contracted On contract On contract On contract On contract At yard At yard Brazil NCS/UKCS Asia Oslo Owner of 5 accommodation vessels Largest operator with ~20% global market share Backlog in Brazil extending into 2030 All vessels contracted Improving market outlook driven by Brazil Headquartered in Norway with operations in Brazil, UK and Australia 1 Harsh environment moored vessel 4 Modern harsh environment DP3 vessels 2 Vessels at yard Australia
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All high-end units contracted through 2026, backlog into 2030 5 - Firm/option - SPS/Contract preparation Petrobras (Brazil) Petrobras (Brazil) Petrobras (Brazil) Australia At yard At yard 2025 2026 2027 2028 2029 2030 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Vessel Safe Zephyrus Safe Eurus Safe Notos Safe Boreas 1 ) Safe Caledonia Safe Nova Safe Vega 1) Safe Boreas current start-up window in Australia from mid November 2025 to mid December 2025
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Demand growth driven by Brazil followed by Australia and West Africa 6 SS = Semi-submersible; JU = Jack-up; Mono = Monohull, ship shape; CSS = Compact semi-submersible; CYL = Cylindrical Global competitive accommodation fleet per June 2025– Total supply steady at 31 vessels Source: Prosafe. Includes Nova and Vega at yard in China 8 2 3 SS Mono CSS South America 2 SS North America 1 CYL Middle East 2 2 SS JU Europe 2 Mono Africa 1 SS Australia 6 1 1 SS CSS CYL Asia
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Source: Prosafe 1) Units for Maintenance and Safety New tenders expected in Brazil amid higher dayrates 7 Petrobras dominating contracting in 2025 ‒ 3 long-term, 4-year contracts awarded in tender for up to 5 UMS1, including Safe Notos ‒ Significant increase in day rates to near historical highs at >140k ‒ Additional lower-specification unit awarded contract Increased activity among independent oil and gas producers and leading FPSO providers in Brazil ‒ Brava tendering for a UMS in 2026 ‒ Karoon awarded contract for 2026 ‒ Demand from SBM, Modec and Yinson New tenders from Petrobras and others expected late 2025 and into 2026 Average contract rates – Brazil 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 Oct-06 Jul-09 Apr-12 Dec-14 Sep-17 Jun-20 Mar-23 Dec-25 Safe Notos Average contract tenor L3Y: 26 months to 4 years Notos increase 75k to 139k/day
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Brazil activity is rising along with growth in FPSO fleet !) FPSO’s, FLNGs, Semis Sources Energy Maritime Associates, Petrobras, Prosafe 2 Number of floating production units1 in Brazil Brazil absorbing more vessels driven by Petrobras demand and from independent E&Ps and FPSO operators Significant contracting activity expected to fill uncontracted requirements, cementing the new rate levels Demand driven by installed FPSO-base Petrobras plan 25 new production units by early 2030s, mostly FPSOs Maintenance required after 2 - 5 years, new and large FPSOs favour high-end rigs 2020 2021 2022 2023 2024 2025 2026F 2027F 2028F 2029F 2030F 2031 -> 61 60 62 63 65 67 67 71 71 75 80 85 2 3 7 7 9 2 10 8 10 15 +18 Potential On order Existing Tight accommodation market balance in Brazil 2024 2025 2026F 2027F 2028F 2029F 2030F 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Incumbent Brazil fleetFirm contracts Forecast
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80% 20% 9 Brazil has 42% of all FPSOs on order today Rest of World has 80% of all planned FPSOs FPSO growth the main demand driver also outside Brazil 1) Source: Energy Maritime Associates The FPSO market1 is growing into other regions On order:Existing: Planned: 72% 28% 58% 42% Rest of World Brazil 180 24 70 Multiple tenders and opportunities outside Brazil ‒ Multi-year requirement in Guyana and West Africa ‒ Three tenders in West Africa, with further prospects maturing ‒ Opportunities in Norway for 2027 and onwards ‒ Limited UK sector activity Longer-term shift towards more projects in new markets ‒ South America outside Brazil ‒ West Africa ‒ Gulf of America ‒ Harsh environment locations NW Europe/Canada ‒ Australia and Asia
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0 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 Oct-06 Jul-09 Apr-12 Dec-14 Sep-17 Jun-20 Mar-23 Dec-25 Average contract rates – North Sea Average contract rates – Rest of World Rates continue to trend higher across all markets 10 Source: Prosafe 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000 400 000 Oct-06 Jul-09 Apr-12 Dec-14 Sep-17 Jun-20 Mar-23 Dec-25 Average contract tenor L3Y: 6 months Average contract tenor L3Y: 5 months
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11 Material progress last 12 months Strong operational performance with consistent 99% utilisation USD ~200 million backlog increase, extending into 2030 >4x increase in annual vessel EBITDA on recent 4-year Brazil contract Safe Caledonia and Safe Boreas reactivated Divested 2 legacy assets Sustainable capital structure established Q2'24 Q2'25 323 518 179 144 482 36 +60% Options and LOIs Backlog Order backlog (USD million) New contractLegacy contract 6 28 4.7x Annual vessel EBITDA Safe Notos (USD million)
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Annual EBITDA potential Post recapitalisation NIBD of USD 220m3 vs. EBITDA potential Illustrative earnings potential in an improving market 12 1) Potential given fleet re-priced to current market day rate of USD 140k/day in Brazil at varying utilisation levels from 2028. Assumes current fleet 2) Target SG&A run rate 3) Estimated NIBD per closing of refinancing ~USD 90 - 100m EBITDA USD 35 - 40m EBITDA 5,9x 2,4x 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 2025 guidance Potential USD million 2025 guidance Potential from 20281 EBITDA/vessel High-end units 25 - 26 # vessels in Brazil/RoW 4 Safe Caledonia 10 – 15 EBITDA 110 – 120 Selling, General & Administrative (SG&A)2 (20) Illustrative EBITDA 35 - 40 ~90 – 100 Notos day-rate increase ~85%, current Brazil run rate EBITDA in range of ~USD 28 million 2,2x
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Attractive enterprise value of USD ~350 million post refinancing 13 Asset valuation relative to broker and replacement cost1 1) Source: Prosafe, independent brokers. Replacement cost estimated in range of USD 1 to 1.25bn. 220 130 0 200 400 600 800 1 000 1 200 1 400 EV Broker values Replacement cost Net Debt Market Cap EV ~30 % of RCHigh ~550 Mid ~350 USD million USD 1 – 1.25 bn Broker valuations reflect asset backing to EV Trading at ~30% to historical newbuild cost Prøvd litt forskjellig bilder. Blir det ikke litt mye? Line
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Outlook All high-end vessels on contract in 2026 and backlog to 2030 ‒ Increased EBITDA contribution from Safe Zephyrus, Safe Notos and Safe Boreas ‒ Safe Caledonia on contract to December with options into early 2026 Strategic priorities ‒ Continue providing world class, safe offshore accommodation ‒ Secure backlog beyond 2027 ‒ Become the most efficient provider in market ‒ Capital discipline ‒ Explore strategic opportunities / M&A
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15 Investment highlights Market leader in tightening market All high-end units contracted in 2026 Backlog growth to 2030 at higher rates Sustainable capital structure Explore strategic opportunities / M&A and enhance efficiency
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Appendix
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17 Enhance operational efficiency ‒ 40% of spend on maintenance and repair ‒ Maintenance and inventory optimisation ‒ Procurement optimisation Align organisation to fit changing market ‒ Invest in Brazil ‒ Centralise administrative functions ‒ Align headcount to operational needs ‒ Further opportunities being explored Ambition to become the most efficient operator 1) SG&A includes on-shore dedicated vessel staff, including rig manager and technical superintendents 2) Typical Brazil contract cost structure SG&A1 cost development (USDm) 28 27 15 15 18 20 21 22 0 5 10 15 20 25 30 35 40 45 2018 2019 2020 2021 2022 2023 2024 2025e Target • ~20 Low activity COVID period Target >10% reduction Maintenance and Repairs Crew Fuel Other Operating cost base2 optimisation 40%
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Significant de-leveraging and funding to support business Equitisation of USD 193 million of debt for shares USD 75 million in new liquidity and extended maturities Post recapitalisation NIBD USD ~220 million and liquidity of USD ~90 million Sustainable capital structure with liquidity to meet capex and working capital needs 1) COSCO seller’s credit reflects balance outstanding per 30.06.2025. USD 155 million Super Senior facility includes USD 75 million in new liquidity, USD 75 million in elevated and re-instated debt and USD 5 million fee payable at maturity. PIK interest option taken post completion. Maturity of facility earlier of COSCO sellers credit maturity or 31 December 2029. 76 76 250 93 75 75 75 5 Pre recapitalisation Post recapitalisation Eurus 250 Tranche 93 Tranche Senior Super Senior New Money (Super Senior) Exit Fee (Super Senior) Debt profile post recapitalisation (USD million)1 419 306 18
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Safe Eurus DP3 – Worldwide excluding NCS1 Safe Zephyrus DP3 – Worldwide Vessel update - Brazil Safe Notos DP3 – Worldwide excluding NCS1 19 1) NCS - Norwegian Continental Shelf Contracted to Petrobras until Q1 2027 99% utilisation YTD 2025 Next SPS in 2028 Additional spend in 2027 between contracts Contracted to Petrobras until Q3 2030 99% utilisation YTD 2025 60 day off-hire period now planned for SPS, thruster overhaul and contract modifications in Q1 2026 Contracted to Petrobras until September 2027 99% utilisation YTD 2025 Next SPS planned in late Nov 2025 to early Jan 2026 Thruster overhauls to be undertaken in conjunction with SPS in 2025 and post contract in 2027
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Safe Boreas DP3 – Worldwide Vessel update - Rest of world Safe Caledonia TAMS2 - UK North Sea 20 Contracted in Australia -15 months firm with up to 6 months of options Arrived in Singapore on 18 July Start-up between 16 November and 15 December 2025. Standby rate from September Contract value from USD 75 million to USD 100 million subject to options On Contract to Ithaca Energy in the UK since 02 June 2025 6 months firm to December 2025 with up to 3 months options thereafter 100% utilisation since contract start Contract value from USD 26 million to USD 37 million depending on options Safe Nova/Safe Vega (undelivered) DP3 – Worldwide excluding NCS1 Only two DP3 semis available at yard 500 POB and suited for Brazil requirements 1) NCS - Norwegian Continental Shelf 2) TAMS – Thruster assisted mooring system
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prosafe.com We are headquartered in Norway and have offices in the Brazil, Singapore and UK Head office: Ruseløkkveien 30 N-0251 Oslo Norway