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Q4 2025 results 26 February 2026 (Apr 5th, 2024 @ 13:47): PN: New image (Feb 5th, 2026 @ 10:12): 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 High-end fleet with all modern units contracted into 2027 Leading Brazil position with backlog extending into 2030 Strong market fundamentals and rising dayrates Cost and operational efficiency drive Exploring strategic opportunities/M&A Set to harvest tightening offshore accommodation market
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Key events 4 Operations and HSSE ▪ 100% fleet utilisation in Q4 2025 with all 5 units on contract ▪ Good operating and safety performance ▪ Safe Boreas on full day rate from 15 December 2025 ▪ All Safe Caledonia options1 exercised with operations completed 22 February ▪ Safe Caledonia awarded letter of intent (LOI) for 6 months plus options in 2027/28 ▪ Backlog of USD 428 million incl. options and excluding Safe Caledonia LOI ▪ SPSs for Safe Zephyrus and Safe Notos moved to March/April 2026 Financials ▪ Revenues of USD 70.9 million and EBITDA of USD 21.1 million ▪ Cash flow from operations of USD (3.0) million, capex of USD 8.5 million ▪ NIBD of USD 230.8 million and liquidity position of USD 65.3 million ▪ Full-year 2025 EBITDA of USD 40 million at high end of guidance Market and Outlook ▪ All high-end units contracted through 2026 and into 2027 ▪ Strong global market led by increased demand in Brazil and Africa ▪ Focused on contract renewals for Safe Eurus and Safe Zephyrus ▪ Safe Caledonia marketed for additional opportunities prior to the 2027 LOI ▪ Exploring strategic opportunities/M&A 1) Last 3 weeks of options exercised on 9 January 2026
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5 Prosafe – enabling safe and efficient offshore energy supply Safe Vega At yard Safe Nova At yard Safe Boreas On contract Safe Caledonia Demobilising Brazil NCS/UKCS Asia Oslo Safe Zephyrus On contract Safe Eurus On contract Safe Notos On contract Leading global operator ▪ ~20% market share and the no.1 position in Brazil ▪ Extensive operational track-record from the world’s most demanding offshore environments ▪ Headquartered in Norway with cost-efficient operations in Brazil, UK and Australia ▪ Sustainable capital structure with liquidity to meet capex and working capital requirements Australia Owner of 5 accommodation vessels Leading global customers
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Backlog extending into 2030 6 - Firm/option - SPS/Contract preparation 1) Boreas on firm dayrate from 15 December 2025, with 15-month firm period starting upon gangway connection (expected during Q1 2026)
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Market 7
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Late-cycle E&P service provider with reduced exposure to short-term energy price fluctuations 8 ▪ Project sanctioning ▪ Field commissioning ▪ Maintenance of installations ▪ Subsea tie-back projects ▪ Shutdown and removal of installations ✓ Oil & gas price ✓ E&P spending ✓ Discoveries ✓ Age & No. of installations ✓ Nearby discoveries ✓ Field economics ✓ Regulations Hook-up/ commissioning Operation & maintenance Decommissioning Demand drivers and triggers ~20% ~80% <5% Accommodation is late in the offshore E&P cycle Exploration Appraisal Development: Pre-engineering & construction Development: Hook-up/ commissioning Production: Operation & maintenance Decommissioning Providing: Accommodation, gangway connection, utilities and deck space for on-field project execution
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Brazil largest market followed by North Sea 9 SS: Semi-submersible JU: Jack-up Mono: Monohull, ship shape CSS: Compact semi-submersible CYL: Cylindrical Source: Prosafe * Two semi-submersible UMS presently mobilising from China to Brazil to commence contract 20% Prosafe market share in Brazil Global competitive accommodation fleet per February 2026 – Total supply steady at 31 vessels 2 SS Australia 3 1 1 SS JU CYL Europe 1 1 SS JU North America 10 2 3 SS Mono CSS South America* 2 Mono Africa 3 1 1 SS CSS CYL Asia
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7 4 2 4 3 3 2 6 P ’ position as market leader Leading position in a highly fragmented market 10 1. Includes undelivered newbuilds Ownership (incl. units at yard) 31 units 29% of active high-end vessels 30% of high-end units incl. vessels at yard 23% of all vessels incl. vessels at yard Other owners market shares 12 owners hold the remaining 24 vessels 46% of owners hold 3 or less units Prosafe1 Floatel POSH CIMC/Bluewhale Offshore Gran Energia Nortrans Macro Offshore Others
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Accommodation market supply and demand (units)1 Competitive units ~90% utilization for high-end units in 2025 and 2026 Demand at a 10-year high driving fleet utilization to 90% 11 26 19 17 16 12 8 14 20 16 16 19 21 2 9 9 10 14 16 9 2 6 8 6 7 0 5 10 15 20 25 30 35 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E Adj. Demand Idle Adj. Utilisation ▪ Contracted demand for 2026 up ~20% y-o-y with potentially more work to come ▪ Two new units into the market (large crane vessels from Bluewhale Offshore working in the Brazil accommodation market) ▪ High-end units are contracted ~9 quarters ahead, vs 4 quarters for lower-end units 9 12 14 14 14 16 2024 2025 2026E Adj. Demand Idle Contracted demand for 2026 is at a 10-year high 1) Demand/utilization adjusted to factor in required inter-region mobilisation and Norh Sea winter seasonality
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0 50,000 100,000 150,000 200,000 2012 2013 2015 2017 2018 2020 2022 2023 2025 2027 Safe Eurus and Safe Zephyrus in pole position for increased dayrates in tight Brazil market 12 ▪ Safe Eurus and Safe Zephyrus well placed to benefit from high utilisation and increasing day-rates from 2027 ▪ New tenders and contracts from Petrobras and independents in Brazil expected in 2026 ‒ PRIO, Karoon, Brava, SBM, Modec, Equinor and Yinson ▪ Multiple tenders and opportunities outside Brazil ‒ Requirements in West Africa and Australia ‒ Opportunities in Norway for 2027 and onwards ‒ Pent-up demand emerging in the UK sector ▪ Longer-term shift towards more projects in new markets ‒ South America outside Brazil ‒ West Africa ‒ Australia and Asia Average Petrobras contract rates – Brazil Safe Notos Average contract tenor L3Y: 25 months Notos increase 75k to 139k/day Source: Prosafe
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Average contract rates – North Sea Average contract rates – Rest of World (excl. North Sea/Brazil) Rates continue to trend higher across all markets 13 Source: Prosafe Average contract tenor L3Y: 6 months Average contract tenor L3Y: 5 months 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 2012 2013 2015 2017 2018 2020 2022 2023 2025 2027 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 2012 2013 2015 2017 2018 2020 2022 2023 2025 2027
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Operations 14
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15 Stable operations and high utilisation in Q4 ▪ 100% fleet utilisation ‒ Safe Boreas on full rate from 15 December 25 ‒ All Safe Caledonia options exercised, demobilising from 22 February ▪ Upcoming SPSs ‒ Safe Zephyrus ~40-days from early March 26 ‒ Safe Notos ~50 days from early March 26, transition to new contract without further off hire Eurus Zephyrus Boreas Caledonia Notos Fleet utilisation (%) 67% 65% 86% 100% 76% 74% 80% 20% 40% 60% 80% 100% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3¨26 Utilisation has been adjusted for the sale for Safe Scandinavia. Reflects firm backlog as of year end adjusted for Caledonia options called 9 January 2026
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1) Backlog for Safe Boreas and Safe Notos includes prorated mobilisation fee, cash effect of these fees are prior to or at the contract start date. Reimbursable expenses, e.g crew cost, fuel and other transportation cost for Safe Boreas are excluded from the backlog 2) Last 3 weeks of options called on 9 January 202616 Firm backlog at near 10-year high ▪ Up ~4x from 2021 cycle-trough ▪ USD 4281 million including options end-2025 ‒ USD 401 million firm contracts ‒ USD 27 million options ▪ All options on Safe Caldonia declared2 extending firm period to 22 February ▪ Safe Caledonia LOI for 2027/28 ‒ 6 months firm + 3x 1-month options ‒ USD 30-45 million contract value depending on options ‒ LOI is not included in the backlog Historical Order backlog (USD million) Expected phasing of order backlog (USD million)1 165 128 ptions irm
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Financials 17
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18 EBITDA almost tripled YoY ▪ Charter income increased to USD 51 million ‒ Safe Boreas on full day-rate from 15 December, on stand-by rate prior to that ▪ Other income of USD 20 million ‒ Reflects cost reimbursements including Safe Boreas mobilisation to Australia ‒ Limited margin recognition ▪ Strong EBITDA growth ‒ Driven by Safe Caledonia and Safe Boreas on contract for full quarter Operating revenues and EBITDA (USD million) 35 32 29 42 51 1 1 2 11 20 8 5 3 11 21 0 10 20 30 40 50 60 70 80 Q4'24 Q1'25 Q2'25 Q3'25 Q4¨25 Charter income Other income EBITDA
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19 Income statement ▪ Net profit in quarter of USD 5.3 million ▪ Full year 2025 net financial items include USD 181.8 million recapitalisation gain perating revenues perating expenses epreciation mpairment nterest income nterest expenses ther financial items P axes P P 1) Comparable figures for fourth quarter and full year 2024 are based on the audited results presented in the 2024 Annual Rep ort with adjustments related to the subsequent Safe Concordia sale and impairment in March 2025.
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20 Cash flow ▪ Capex of USD 9.0 million mainly related to Safe Boreas reactivation and Safe Zephyrus SPS ▪ Working capital change due to Safe Boreas and Safe Caledonia contract-phasing, and timing of accounts payable in relation to SPSs ▪ Cash position of USD 65.3 million1 1) Cash position includes USD 1.2 million in cash held in the New Group and USD 2.5 million in restricted cash which are excluded for covenant calculation purposes Cash flow in the quarter (USD million) apex ept repayment nterest paid
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Liquidity position1 Equity ratio Strengthened balance sheet NIBD and NIBD/LTM EBITDA2 21 47 54 45 83 65 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 1) Minimum USD 20 million cash covenant 2) NIBD over last rolling last twelve months EBITDA 369 364 424 214 231 14x 15x 20x 8x 6x 0 5 10 15 20 25 0 50 100 150 200 250 300 350 400 450 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 -3% -6% -11% 27% 29% Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025
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Capital structure ▪ urus Seller’s redit: US million1 ‒ Due August 2028 or when debt reaches USD 50 million ‒ Security over Safe Eurus ‒ 2% cash interest, paid yearly2 ‒ Minimum USD 7 million annual repayment, 50-50 EBITDA split ‒ USD 60 million parent company guarantee ▪ Main tranches: USD 233 million1 ‒ Super Senior Secured USD 150 million + 5 million exit fee ‒ Senior Secured USD 78 million ‒ ue at the earlier of; urus Seller’s redit maturity or ec 2029 ‒ Security over Safe Boreas, Safe Zephyrus, Safe Caledonia and Safe Notos ‒ No amortization, minimum cash covenant of USD 20 million ‒ No prepayment penalties ‒ Prosafe SE fully liable Current debt profile (USD million)1 22 1) Outstanding per 31 December 2025 2) 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 base SOFR +6.67% paid quarterly SOFR +6.67%, min 2% cash rest PIK (in use) paid quarterly 2%2 cash interest paid annually 7 7 58 78 150 5 0 50 100 150 200 250 300 2026 2027 2028 Eurus Senior secured Super senior secured Exit fee (Super senior) Potential to extend maturities to 31.12.29 subject to an extension of the Eurus facility
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Summary and outlook 23
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Illustrative Annual EBITDA potential End-2025 NIBD of USD 231m vs. EBITDA potential Mark-to-market EBITDA uplift potential >100% and NIBD/EBITDA reduction down towards 2x 24 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 ~USD 90 - 100m EBITDA USD 40m EBITDA 5.8x 2.4x 2025 Potential USD million 2025 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 (19) Illustrative EBITDA 40 ~90 – 100 ▪ Notos day-rate increase ~85%, current Brazil run rate EBITDA in range of ~USD 28 million
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Run-rate EBITDA vs. various fleet values Newbuilds unlikely, even at current market rates, replacement cost far above run-rate 25 Source: Prosafe, independent brokers. Replacement cost estimated in range of USD 1 to 1.25bn. urrent roker values eplacement ost llustrative potential from , x , x , x ∼350 ∼1,000 - ∼1,250 ∼350 - ∼550
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Outlook and guidance ▪ 2025 EBITDA of USD 40 million in high end of the guided range ‒ Safe Zephyrus and Safe Notos SPS moved to Q1/Q2 2026 ▪ 2026 EBITDA expected in the range of USD 45-55 million ‒ Increased EBITDA contribution from Safe Notos and Safe Boreas ‒ Safe Caledonia on contract to 22 February ‒ Positive working capital impact expected in 2026 supporting liquidity ‒ Safe Caledonia awarded LOI for 2027 26
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Appendix 27
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Right-sized, efficient fleet with all high-end units contracted to 2027 28 1) DP - dynamic positioning system. DP 2 systems designed to continue operation after a single active component (e.g. generator or thruster) failure through redundancy DP 3 systems has a higher level of safety, withstanding the failure of an active or static component, plus a fire or flood in one compartment without losing position High-end DP31 vessels DP21 / Moored Safe Zephyrus Built 2016 490 beds Contracted: Petrobras, Brazil until 2027 Safe Boreas Built 2015 450 beds Contracted: Shell, Australia until 2027 Safe Notos Built 2016 500 beds Contracted: Petrobras, Brazil until 2030 Safe Eurus Built 2019 500 beds Contracted: Petrobras, Brazil until 2027 Safe Caledonia Built 1982/2004/2012 454 beds Contracted: Ithaca Energy, UK until 22 Feb 2026, LOI 2027 Safe Nova / Vega – At yard Built 2015 500 beds Uncontracted newbuilds Worldwide (NCS Compliant) Worldwide excl. NCS Worldwide excl. NCS Safe Concordia Built 2005/2015 389 beds Divested on completion of US Gulf contract Safe Scandinavia Tender support vessel Built 1984/2016 309 beds (159 on NCS) Divested for recycling Divested Q1 2025 Divested Q2 2025
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29 Balance sheet ▪ Cash position of USD 65.3 million ▪ Total assets of USD 493.3 million ▪ Equity of USD 141.6 million ▪ Short-term debt reclassified as long-term post recapitalisation Unaudited figures in US million essels ew builds ther non current assets ccounts and other receivables ther current assets ash and deposits Share capital ther e uity nterest free long term liabilities nterest bearing long term debt ccounts and other payables ax payable urrent portion of long term debt
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Interim condensed consolidated statement of cash flows rofit oss before taxes et gain from recapitalisation ain on sale of non current assets epreciation mpairment inancial income inancial costs Share based payment expense hange in working capital ther items from operating activities axes paid c uisition of tangible assets et proceeds from sale of tangible assets nterests received roceeds from new interest bearing debt epayment of interest bearing debt efinancing cost ssuance of shares nterests paid ash and deposits at beginning of period Q4 24 figures are presented based on the final figures in the Annual Report 2024, due to subsequent event leading to impairment on Safe Concordia30
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Interim condensed consolidated statement of comprehensive income 31 oreign currency translation ension remeasurement
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Interim condensed consolidated statement of changes in equity uity at beginning of period Share based payment ew share issue omprehensive income for the period
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Expenditure information Indicative opex/day Analytical information 33 Region 2026 Opex Estimated (USDk/day) Caledonia (Working/Idle) ~32k / ~20k Brazil3 ~65k Boreas AUS4 ~32k 1) SG&A includes onshore vessel management 2) Cost includes opex while vessels are undergoing SPS 3) Including USD 3-7k/day in fuel cost depending on vessel and contract 4) Client will cover all crew cost and fuel while operating in Australia Item 2026 Estimated (USDm) Comment SG&A1 ~19 Includes onshore vessel management Interest ~27-29 (Inc. PIK and Eurus facility). Based on SOFR forward curve + 6.67% Tax payable ~3-5 Norwegian deferred tax asset base of USD 1.8bn per year end 2024, local and contract specific taxes Debt repayment (COSCO) 7.0 ebt repayment under urus seller’s credit Capex and mobilisation spend4 Boreas 0 Caledonia ~1 Zephyrus2 ~15-20 SPS, thruster and engine overhauls Notos2 ~25-30 SPS, thruster and engine overhauls Eurus ~2 Engine overhauls
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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 rosafe’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 accounts. ▪ Prosafe 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 have recently received a favorable ruling at the second administrative level. Prosafe and OSM Thome remain of the view that the claim continues to have no merit. Tax 34
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prosafe.com We are headquartered in Norway and have offices in the Brazil, Singapore and UK