Slides
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Company update and Q3 2025 results13 November 2025(Apr 5th, 2024 @ 13:47):PN: New image(Apr 5th, 2024 @ 13:47):PN: New image
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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. Prosafe does 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
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3 Prosafe in brief Safe ZephyrusSafe EurusSafe NotosSafe NovaSafe VegaSafe BoreasSafe Caledonia On contract On contract On contract On contract On contract At yard At yard BrazilNCS/UKCSAsia OsloOwner of 5 accommodation vessels 3 decades of operational track-record from the world’s most demanding offshore environments Leading operator with ~20% global market share and the no.1 position in BrazilHeadquartered in Norway with cost-efficient operations in Brazil, UK and AustraliaAustralia
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4 Exploring strategic opportunities/M&ACost and operational efficiency drive Strong market fundamentals and rising dayratesLeading Brazil position with backlog extending into 2030High-end fleet with all modern units contracted into 2027 Recapitalised, refocused and ready to harvest a tightening global offshore accommodation market
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Key events Q3 2025 5 Operations, HSSE and BacklogAll 5 units on contract at quarter-end and 100% fleet utilisation in September Good operating and safety performanceSafe Boreas on standby rate from 1 September as part of Australia contractSafe Caledonia firm contract to mid-Dec with 10 weeks of options remainingBacklog of USD 480 million incl. optionsFinancialsRevenue of USD 53.6 million and EBITDA of USD 12.8 million before USD ~1.5 million of non-recurring reorganisation costs Recapitalisation completed, establishing a sustainable capital structure NIBD of USD 213.6 million and liquidity position of USD 83.3 millionInitiatives to reduce operational costs and SG&A well underwayOutlookOn track to deliver on 2025 EBITDA guidance of USD 35 to 40mAll high-end units contracted through 2026 and into 2027 Strong global market led by increased demand in Brazil and AfricaNorth Sea operators continue to plan for campaigns in 2027 and beyond Exploring strategic opportunities/M&A
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Significant de-leveraging and funding to support businessEquitisation of USD 193 million of debt for shares USD 75 million in new liquidity and extended maturities Q3 NIBD USD 214 million and liquidity of USD 83millionSustainable capital structure with liquidity to meet capex and working capital needs6 Net interest-bearing debt (USD million)Book equity (USD million)
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7 Recalibrated strategy and new leadershipCapturing improved market fundamentals with recent Safe Notos contractInitiatives under way to reduce opex and SG&AStrengthening leading position in BrazilFleet high-graded with Safe Caledonia and Safe Boreas reactivatedAll vessels working end-Q3 with consistent high uptimeAll high-end units contracted through 2026 with backlog into 2030 led by Brazil-workNew Board and management team focused on efficiency and shareholder return Annual vessel EBITDA Safe Notos (USD million) 2021222023 2024 2025e 2026e~19Target >15% reductionSG&A1 cost development (USD million)
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New ambitious BoD and experienced management team 8 Offshore executive with 45 years in the oil & gas industry, including EVP & COO at Valaris plc and senior roles at Occidental Petroleum. Patrick Carey Lowe ChairFormer Managing Director at Davidson Kempner Capital Management, specializing in distressed investments. Previously with Barclays Capital and Lehman Brothers in finance and M&A.Jean-Baptiste de Boissieu DirectorDeputy CFO at Constellation Oil Services with over 20 years in finance and corporate strategy. Experienced in restructuring, investor relations and Brazil market dynamics.Monique FaresDirectorJoined Prosafe in 2013, last served as General Manager for Prosafe Brazil. Has over 15 years experience in offshore and subsea construction/drilling.Claudio Pereira Chief Operating Officer Reese McNeel Chief Executive OfficerJoined Prosafe SE in 2022 and appointed CEO in November 2025. Brings over 20 years of experience in finance and offshore industry roles.Ryan Stewart Chief Commercial & Strategy OfficerWith the company since 2001, he has held several leadership roles in Prosafe including COO. Offshore executive with 35 years in oil & gas industry, including senior leadership at TechnipFMC. Brings extensive experience in global subsea projects.Knut BøDirectorExtensive board and leadership experience as former CEO of Petoro AS and senior executive roles at Equinor and Shell Europe. Actively serves on boards in the energy sector.Grethe Kristin Moen DirectorBoard of DirectorsManagement team
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High-graded fleet with all high-end units contracted into 2027 9 Safe Zephyrus – Petrobras 2027Built 2016 – 450 bedsDP3 Worldwide Safe Boreas – Shell 2027Built 2015 – 450 bedsSafe Notos – Petrobras 2030Built 2016 – 500 bedsDP3 Worldwide excl. NCS Safe Eurus – Petrobras 2027Built 2019 – 500 bedsSafe Caledonia – Ithaca 2025/2026Built 1982/2004/2012 – 454 bedsDP2/Moored World excl. NCS At yard: Safe Vega / Safe Nova500 beds DP3 Worldwide excl. NCS
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Backlog extending into 2030 10- Firm/option - SPS/Contract preparation 1)Safe Boreas on standby rate from 1 September. Contract start-up window in Australia from 10 December 2025 to 15 December 20252)2 weeks of Caledonia options called and 10 weeks remaining
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Market11
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Late-cycle E&P service provider with reduced exposure to short-term energy price fluctuations 12 Project sanctioningField commissioningMaintenance of installationsSubsea tie-back projectsShutdown and removal of installationsOil & gas priceE&P spendingDiscoveriesAge & No. of installationsNearby discoveriesField economicsRegulationsHook-up/commissioningOperation & maintenanceDecommissioningDemand driversand triggers ~20%~80% <5%Accommodation is late in the offshore E&P cycleDecommissioningProduction:Operation & maintenanceDevelopment:Hook-up/ commissioningDevelopment: Pre-engineering & constructionAppraisalExploration Providing: Accommodation, gangway connection, utilities and deck space for on-field project execution
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Leading position in global market 13Source: Prosafe, company and market reports ContractedStatusPOBDPTypeAge (Y)OwnerUnitLong termActive450DP3Semi10ProsafeSafe BoreasLong termActive450DP3Semi10ProsafeSafe ZephyrusLong termActive500DP3Semi9ProsafeSafe EurusLong termActive500DP3Semi9ProsafeSafe NotosLong termActive440DP3Semi10FloatelFloatel EnduranceLong termActive440DP3Semi15FloatelFloatel SuperiorLong termActive500DP3Semi9FloatelFloatel TriumphLong termActive500DP3Semi12FloatelFloatel VictoryLong termActive720DP3Semi11POSHPOSH ArcadiaLong termActive720DP3Semi10POSHPOSH XanaduShort termActive460DP3Cylindrical10NortransArendal SpiritLong termActive600DP3Semi7CIMCOOS TiradentesLong termActive750DP3Semi5CIMCHai Shi 3 (OOS Serooskerke)Long termActive750DP3Semi4CIMCHai Shi 5 (OOS Walcheren)Short termActive454No DPSemi21ProsafeSafe CaledoniaLong termActive444No DPJU14Macro OffshoreHavenMedium termActive354No DPJU10Macro OffshoreCrossway EagleLong termActive500DP2Semi15Gran EnergiaReliance 1Long termActive501DP3CSS10Gran EnergiaVenusLong termActive501DP3CSS11Gran EnergiaOlympiaLong termActive501DP3CSS10NortransTemisMedium termActive501DP3CSS10NortransCSS BelaitWarm stacked600DP3Mono14ØstensjøEdda FidesWarm stacked800DP3Mono8SeatankersSea FortisMedium termActive291DP2Mono16LauritzenDan SwiftLong termActive533DP2Mono26SeatriumAcquarius BrazilWarm stacked618DP3Semi13CIMCHua Dian Zhong Ji 1 (Blue Gretha)Warm stacked750DP2Semi20CotemarOlympus 460DP3CylindricalNBSinoceanStavanger Spirit500DP3SemiNBProsafeSafe Nova500DP3SemiNBProsafeSafe VegaHigh-end units• Harsh environment capable• All water depths• High safety and accommodation standards• Harsh environment • Shallow waterLow-end units• Mild/moderate environment • All water depths• Medium safety and accommodation standardsAt yard• Require contracts to fund activation capexProsafe; 7Floatel; 4POSH; 2CIMC; 4Nortrans; 4Gran Energia; 3Macro Offshore; 2Others; 5Ownership distribution (incl. units at yard)31 units29% 30% Of active high-end unitsOf high-end units incl. units at yard22% Of all units incl. units at yardProsafe market sharesOverview of the competitive fleet
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113441111121321112SinoceanCotemarSeatriumSeatankersLauritzenØstensjøPOSHMacro OffshoreGran EnergiaNortransCIMCFloatelProsafeHigh-endLow/medium-endNewbuilds10141214732018 2025Low/medium-end unitsHigh-end unitsNewbuildsFleet development Ownership overview 2025 (# units)Fragmented market with consolidation potentialOwnership development 14Source: Prosafe, company and market reports29 units31 units 31%52%69%48%2018 2025OtherTop 3 owners8 owners13 owners5 owners10owners
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Brazil largest market with 46% of all active units 15SS: Semi-submersible JU: Jack-up Mono: Monohull, ship shape CSS: Compact semi-submersibleCYL: Cylindrical Global competitive accommodation fleet per November 2025 – Total supply steady at 31 vessels Source: Prosafe823SS Mono CSSSouth America2SSNorth America1CYLMiddle East1SSAustralia61 1SS CSS CYLAsia1MonoAfrica2 21SS JU MonoEurope
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Accommodation market supply and demand (units)1Competitive units ~90% utilisation for high-end units in 2025 and 202610-year high demand driving fleet utilisation to 90% 1626191716128142016162022299101416926866051015202530350%10%20%30%40%50%60%70%80%90%100%2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 2026EAdj. DemandIdleAdj. UtilisationContracted demand for 2026 up ~20% y-o-y with potentially more work to comeTwo new units into the market (large crane vessels working in the Brazil accommodation market)High-end units are contracted ~9 quarters ahead, vs ~4 quarters for lower-end units1) Demand/utilisation adjusted to factor in required inter-region mobilisation and Norh Sea winter seasonality 912141414162024 2025E 2026EAdj. DemandIdleContracted demand for 2026 is at a 10-year high
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Brazil’s FPSO growth a key demand driver !) FPSO’s, FLNGs, Semis. Sources: Energy Maritime Associates, Petrobras, Prosafe Number of floating production units1 in BrazilBrazil absorbing more vessels driven by Petrobras demand and from independent E&Ps and FPSO operatorsSignificant contracting activity expected to fill uncontracted requirements, cementing the new rate levelsDemand driven by installed FPSO-basePetrobras plan 25 new production units by early 2030s, mostly FPSOs Maintenance required after 2 - 5 years, new and large FPSOs favour high-end rigs Tight accommodation market balance in Brazil Incumbent Brazil fleet (vessel years)
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18 Strategic shift towards BrazilMoving functions to Brazil in line with activityCentralising administration with Oslo HQ and Brazil operational base‒Stavanger and Singapore offices closedRightsizing of organisation, including senior managementOptimising maintenance, inventory and procurement Exploring further potential cost reduction measures1)Prosafe active rigs per region for 2019 and 2025 vs. regional split of total accommodation contracts expected to be awarded in 2025]40%60%87%60% 20%8%20%5%2019 pre-covid 2025 2025E contract awardsBrazilNorth SeaROW Aligning operations with Prosafe and market activity1
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050 000100 000150 000200 0002012 2013 2015 2017 2018 2020 2022 2023 2025 2027Source: Prosafe1) Units for Maintenance and Safety Safe Eurus and Safe Zephyrus in pole position for increased dayrates in tight Brazil market 19 Safe Eurus and Safe Zephyrus well placed to benefit from high utilisation increasing day-rates from 2027New tenders and contracts from Petrobras and others expected late 2025 and into H1 2026Petrobras dominating contracting in 2025‒3x 4-year UMS1 contracts awarded, including Safe Notos‒Day rates increasing to near historical highs at >140k ‒Additional lower-specification unit awarded contract‒Ongoing tender includes 1 not yet awarded contractIncreased activity among independent oil and gas producers and leading FPSO providers in Brazil ‒Demand from Karoon, Brava, SBM, Modec and YinsonAverage Petrobras contract rates – BrazilSafe NotosAverage contract tenor L3Y: 26 months to 4 yearsNotos increase 75k to 139k/day
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80%20%20Brazil has 42% of all FPSOs on order todayRest of World has 80% of all planned FPSOs Global market tightening with increased tender activity 1) Source: Energy Maritime Associates The FPSO market1 is growing into other regionsOn order:Existing:Planned:72%28%58%42%Rest of WorldBrazil180 24 70Multiple tenders and opportunities outside Brazil‒Multi-year requirement outstanding in Guyana and West Africa ‒Three tenders in West Africa, with further prospects maturing‒Opportunities in Norway for 2027 and onwards‒Pent-up demand evolving in the UK sectorLonger-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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Average contract rates – North Sea Average contract rates – Rest of WorldRates continue to trend higher across all markets 21Source: ProsafeAverage contract tenor L3Y: 6 monthsAverage contract tenor L3Y: 5 months050 000100 000150 000200 000250 000300 000350 000400 0002012 2013 2015 2017 2018 2020 2022 2023 2025050 000100 000150 000200 000250 000300 000350 000400 0002012 2013 2015 2017 2018 2020 2022 2023 2025
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Operations22
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23 Stable operations and higher utilisation in Q386% fleet utilisation, up from 66% in Q2‒99% utilisation on Brazil-fleet ‒100% utilisation for Safe Caledonia‒Safe Boreas on standby-with 100% utilisation in September Safe Boreas currently enroute to Australia for full contract start-up between 10 and 15 DecemberUpcoming SPSs ‒Safe Zephyrus ~45-days from end-November ‒Safe Notos ~50 days from beginning of February 2026, then ready to transition to new contract without further off hire Eurus Zephyrus Boreas Caledonia Notos Fleet utilisation (%)67%65%66%86%88%73%80%20%40%60%80%100%Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26Utilisation has been adjusted for the sale for Safe Scandinavia. Reflects firm backlog (excluding options for Caledonia). Boreas on standby-rate from 1 September.
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1)A total of USD 30 million in mobilisation and demobilisation fees are included in backlog. Revenue will be recognised over the respective contract periods for Safe Caledonia and Safe Boreas. Reimbursable expenses, e.g crew cost, fuel and other transportation cost for Safe Boreas are excluded from the backlog. Standby rate is not considered in the backlog for the period from September 2025 to extent applicable for Safe Boreas24 Backlog into 2030Backlog of USD 4801million including options per Q3 2025‒USD 446 million firm contracts‒USD 34 million options4x increase from cycle-trough in 2021‒Firm backlog nearing 2016 levels on new contract wins and high conversion of options 2 weeks of options on Safe Caldonia declared‒Extending firm period through mid-December ‒USD 1.8 million of revenue ‒10 weeks of options remaining Historical Order backlog (USD million)Expected phasing of order backlog (USD million)1 51165128
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Financials25
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26 EBITDA more than doubled YoY Charter income increased to USD 42.2 million‒Safe Caledonia working full quarter and Safe Boreas on stand-by rate from 1 September‒Safe Boreas mobilisation fee recognised over the contract period from start of stand-by periodOther income of USD 11.4 million‒Reflects cost reimbursements, including USD 8.2 million for Safe Boreas heavy-liftStrong EBITDA growth ‒Driven by Safe Caledonia and Safe Boreas on contract‒Includes USD ~1.5 million of non-recurring onshore reorganisation costs in Q3Operating revenues and EBITDA (USD million)343532294211121158531101020304050Q3'24 Q4'24 Q1'25 Q2'25 Q3'25Charter incomeOther incomeEBITDA
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27 Income statementLower interest expense reflects lower interest rate environment (lower SOFR)Other financial items include USD 181.8 million recapitalisation gain
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28 Balance sheetCash position of USD 83.3 million Total assets of USD 501.5 millionEquity of USD 136.3 million after recapitalisationOther current assets increase reflects capitalised mobilisation cost and working capital before start-up in Australia Short-term debt reclassified as long-term post recapitalisationAccounts payables reflect capex timing and upfront prepayments from customers
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29 Cash flow USD 75 million of new liquidity as part of recapitalisationCapex of USD 11.0 million mainly related to Safe Boreas and Safe Zephyrus Working capital change due to Safe Boreas and Safe Caledonia contractsInterest paid including USD 10.8 million in accrued interest due upon completion of recapitalisationUSD 8.7 million paid in refinancing fees in Q3 2025 on completion of recapitalisationCash position of USD 83.3 million11) Cash position includes USD 1.4 million in cash held in the New Group and USD 3.6 million in restricted cash which are excluded for covenant calculation purposes Cash flow in the quarter (USD million)
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Summary and outlook 30
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Illustrative Annual EBITDA potential Post recapitalisation NIBD of USD 214m3vs. EBITDA potentialMark-to-market EBITDA uplift potential >100% and NIBD/EBITDA reduction towards 2x 311) 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 rate3) Estimated NIBD per closing of refinancing~USD 90 - 100mEBITDAUSD 35 - 40mEBITDA5.9x2.4x 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.02025 guidance PotentialPotential from 202812025 guidanceUSD millionEBITDA/vessel 25 - 26High-end units 4# vessels in Brazil/RoW10 – 15Safe Caledonia110 – 120 EBITDA(19)Selling, General & Administrative (SG&A)2~90 – 10035 - 40Illustrative EBITDANotos day-rate increase ~85%, current Brazil run rate EBITDA in range of ~USD 28 million2.2x
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Significant discount to rig replacement cost 32 Asset valuation relative to broker and replacement cost1 1)Source: Prosafe, independent brokers. Replacement cost estimated in range of USD 1 to 1.25bn.21411002004006008001 0001 2001 400EV Broker values Replacement costNet DebtMarket CapEV ~30 % of RCHigh ~550Mid ~350USD millionUSD 1 – 1.25 bnBroker valuations reflect asset backing to EVTrading at ~30% to historical newbuild costPrøvd litt forskjellig bilder. Blir det ikke litt mye? Line
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Outlook and guidanceFull-year 2025 EBITDA-expectation in the range of USD 35-40 million reiterated ‒Safe Boreas firm period contract start between 10 December and 15 December 2025‒Planned SPS and related off-hire for Safe Zephyrus in Q4 2025, SPS for Safe Notos moved to Q1 2026 ‒Completion of the Safe Caledonia contract in December 2025‒USD 1.5 million of non-recurring reorganisation costs included All high-end vessels on contract in 2026‒Increased EBITDA contribution from Safe Zephyrus, Safe Notos and Safe Boreas ‒Safe Caledonia with options remaining to end February 2026
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Strategic priorities 34 Continue providing world class, safe offshore accommodationSecure backlog beyond 2027Be the most efficient provider in the marketMaintain a robust capital structureExplore strategic opportunities / M&A12345
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Appendix35
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Interim condensed consolidated statement of cash flows
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Interim condensed consolidated statement of comprehensive income 37
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Interim condensed consolidated statement of changes in equity
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Safe EurusDP3 – Worldwide excluding NCS1 Safe ZephyrusDP3 – WorldwideVessel update - BrazilSafe NotosDP3 – Worldwide excluding NCS1 39 1) NCS - Norwegian Continental Shelf Contracted to Petrobras until Q1 202799% utilisation YTD 2025Next SPS in early 2028Contracted to Petrobras until Q3 203099% utilisation YTD 2025Off-hire period planned for SPS, thruster overhaul and contract modifications in February-March 2026Contracted to Petrobras until September 202799% utilisation YTD 2025SPS in late Nov 2025 to early Jan 2026Thruster overhauls to be undertaken in conjunction with SPS in 2025 and post current contract in late 2027
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Safe BoreasDP3 – WorldwideVessel update - Rest of worldSafe CaledoniaTAMS2- UK North Sea 40On standby rate from 1 SeptemberContracted in Australia for -15 months firm with up to 6 months of options Firm period start between 10 December and 15 December 2025On Contract to Ithaca Energy in the UK since 02 June 2025Ithaca has exercised 2 weeks of options taking the firm contract to mid-December 2025 with10 weeks of options remaining100% utilisation since contract start Safe Nova/Safe Vega (undelivered)DP3 – Worldwide excluding NCS1 Only two DP3 semis available at yard500 POB and suited for Brazil requirements1)NCS - Norwegian Continental Shelf 2)TAMS – Thruster assisted mooring system
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Expenditure information Indicative opex/day by regionAnalytical information 41 2025 OpexEstimated (USDk/day)Region~30-35kUK (Moored – Caledonia)~60k Brazil2~20-25kBoreas AUS31) SG&A includes onshore vessel management and excludes one-off re-organisation costs of USD 2-3m2) Including approximately USD 5-10/day in fuel cost3) Cost while on standby. Significant portions of operating spend will be covered by the client while operating in Australia including all crew costs and fuel while on contract4) For Boreas and Caledonia, cost includes opex while vessels are being re-activated Comment2025Estimated(USDm)ItemExcluding ~2-3m of re-organisation costs~21-22SG&A1Straight line depreciation~35-37DepreciationTotal interest cost (including PIK and Eurus seller’s credit) assumes refinancing from start Q3 2025~27-28InterestNorwegian deferred tax asset base of USD 1.8bn per year end 2024, local and contract specific taxes~3-5Tax payableDebt repayment under Eurus seller’s credit6.5Debt repayment (COSCO)Completed in Q3 2025~17Restructuring transaction costsCapex and mobilisation spend4SPS, all thrusters, re-activation and mobilisation~30-31Boreas Project completed. SPS, re-activation and mobilisation~15Caledonia SPS, thruster and engine overhauls~18ZephyrusSPS and majority of cost moved to Feb-March 2026~10NotosEurus engine overhauls, IT and contingency~2-3Eurus & Others
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Debt profile 421)Outstanding per 30 September 2025 including USD 1.2 million in accrued interest payable annually at 31 December2)Variable depending on the Eurus contracted day rate; <USD 99k, USD 100k - 124k, USD 125k - 149k, >USD 150k equates to interest rates of 2%, 3% – 5%, 5% – 8% and 8% respectively. Interest is paid on yearly base3)Interest to be paid quarterly. Interest rate price to 11% per effective date of refinancing (21 July 2025) Eurus Seller’s Credit2 Main TranchesSenior SecuredSuper Senior SecuredTrancheUSD 74.9m1USD 75mUSD 150m (of which USD 75m is new money) + USD 5m exit feeOutstanding debtSafe EurusSafe Boreas, Safe Zephyrus, Safe Caledonia, Safe NotosPledged vessels2%2SOFR + Margin of 6.67%3Minimum 2% cash interest, with the ability to pay the remaining interest as PIK. Have elected PIK interest from restructuring effective dateSOFR + Margin of 6.67%3Interest rate50-50 EBITDA split. Minimum USD 7m/year from Q3 2025, paid quarterlyNoneAmortisations~Q3 2028 or when debt reaches ~USD 50m31 Dec 2029 or on the date which the Eurus Seller’s Credit falls dueMaturityUSD 60mProsafe SE fully liablePCG
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Prosafe SE is a permanent tax resident in Norway and its Norwegian tax resident subsidiaries have a base for deferred tax assets of approximately USD 1.8 billion as at end 2024. In Q4 2023, the Norwegian tax authorities initiated a review of the basis for a portion of the deferred tax losses. This review may lead to a reduction in the unrecognized deferred tax asset base. At this time, Prosafe does not believe that this will have a material impact on Prosafe’s financial position irrespective of the outcome of this review.The deferred tax assets are currently not recognized in the financial statements. The company will from time to time operate in countries where local taxes will apply. These taxes are included in the opex assumptions in this presentation where applicable. In relation to the historical Concordia contract in Trinidad and Tobago, a remaining tax provision of USD 6 million is provided for in the accountsProsafe and OSM Thome have jointly received a Tax Assessment from the Brazilian Tax Authorities imposing import taxes and customs penalties related to the challenging of the special customs regimes used to import the Safe Concordia for the Modec contract in the period from October 2018 to July 2019. Both Prosafe and OSM Thome have presented an administrative defense, challenging the view of the Brazilian Tax Authorities. Prosafe and OSM Thome received a partially favorable ruling at the first administrative level. Prosafe and OSM Thome have appealed the ruling as both are in the view that the claim continues to have no merit. Tax 43
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prosafe.comWe are headquartered in Norway and have officesin the Brazil, Singapore and UK