Slides
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Company Presentation January 2026
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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 2
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3 Leading operator of high-end offshore accommodation vessels Substantially deleveraged balance sheet - positioned for growth in fragmented market Improving market fundamentals, re-contracting at significant earnings uptick Leading position in Brazil, with backlog extending into 2030 and two vessels set for long-term work at higher dayrates New management and board in place to drive growth and stakeholder returns Investment highlights
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Company Overview
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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 On contract 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 Australia Owner of 5 accommodation vessels Leading global customers
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Nearly 30 years of offshore accommodation market innovation, consolidation and leadership 6 Jack-up Safe Esbjerg not included in overview 1997-2010 Start-up and growth 2011-2015 Accommodation pureplay 2015-2021 Downturn and right-sizing 2022-> Market recovery • Safe Offshore merges with Procon Offshore (Oslo Stock Exchange listed after Transocean- demerger) • Initially 3 accommodation vessels • Acquires 9 units in multiple transactions • Signs long-term contracts in Mexico for 5 units • Acquires Nontrans Offshore in 2001 adding FPSO business, later spun off in 2008 • Orders 4 DP3 newbuilds • Enters Brazil, signing first, 3 long-term contracts with Petrobras • Takes delivery of Safe Boreas • Market at all-time-high with record dayrates • Delivery of Safe Zephyrus/Notos/Eurus • Further contracting in Brazil • Acquires newbuilds at yard, Safe Vega/Nova • Mexico contracts suspended • Divests 7 units for recycling • Financial restructuring at end-2021 • Re-contracting in Brazil at higher rates • Reactivated Safe Boreas and Safe Caledonia with new contracts • Divests 2 legacy unts • Establishes sustainable balance sheet through equitisation of debt • New management and Board 1 3 3 3 4 4 4 4 4 4 43 5 6 7 7 8 8 8 8 11 11 11 11 11 11 11 11 11 11 8 6 5 5 4 3 3 3 3 1 2 2 2 2 2 2 2 2 2 2 0 200 400 600 800 1000 1200 1400 1600 1800 2000 0 2 4 6 8 10 12 14 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Fleet and backlog development Newbuilds at yard Moored/DP2 DP3 Gross value of Backlog USDm Highest backlog per vessel since 2015
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Right-sized, efficient fleet with all high-end units contracted to 2027 7 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 late 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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All high-end units contracted to 2027, backlog into 2030 8 Firm/option SPS/Contract preparation thaca 1) Boreas on firm dayrate from 15 December 2025, with 15-month firm period starting upon gangway connection (expected during Q1 2026) - LOI
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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. 9 Backlog up 4x since cycle- trough, extending into 2030 ▪ Firm backlog nearing 10-year high on new contract wins and high conversion of options ▪ USD 4801 million Q3 2025 including USD 34 million of options ▪ All options on Safe Caledonia declared post Q3 reporting ‒ Extending firm period to late February 2026 ‒ Adding USD 9.1 million of firm revenue ▪ Boreas on firm dayrate from 15 December 2025, with 15-month firm period starting upon gangway connection (expected Q1 2026) ▪ New LOI for Safe Caledonia commencing in Q2 2027 for 6 months with up to 3 months of options ‒ Value of USD 30m to 44m depending on options Historical Order backlog (USD million) Phasing of order backlog Q3 2025 (USD million)1 est of 51 165 128 ptions irm
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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 ▪ Q3 NIBD USD 214 million and liquidity of USD 83 million ▪ Sustainable capital structure with liquidity to meet capex and working capital needs 10 Net interest-bearing debt (USD million) Book equity (USD million)
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11 Recalibrated strategy and new leadership delivering material progress ▪ Capturing improved market fundamentals with recent Safe Notos contract and Safe Caledonia LOI for 2027 ▪ Consistent high uptime on active vessels and 100% utilisation in Q4 2025 ▪ Initiatives underway to reduce OPEX and SG&A ▪ Strengthening leading position in Brazil ▪ Fleet high-graded with Safe Caledonia and Safe Boreas reactivated ▪ All high-end units contracted through 2026 with backlog into 2030 led by Brazil-work ▪ New Board and management team focused on efficiency and shareholder return ew contract egacy contract x Annual vessel EBITDA Safe Notos (USD million) 20 21 22 2023 2024 2025e 2026e ~19 Target >15% reduction SG&A1 cost development (USD million)
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Dayrate (USD/day)1 Annual Vessel EBITDA (USDm)1,2 Positioned for re-contracting in Brazil with material step-up in dayrate and EBITDA 12 1) Potential given vessels re-priced to current market day rate of USD 140k/day in Brazil at varying utilisation levels from 2028 2) Assumes varying utilisation levels and opex in line with Brazil forecasts afe urus afe ephyrus ecent contract awards +63% +22% afe urus afe ephyrus ecent contract awards +189% +37%
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New ambitious BoD and experienced management team 13 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 Chair Former 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 Director Deputy CFO at Constellation Oil Services with over 20 years in finance and corporate strategy. Experienced in restructuring, investor relations and Brazil market dynamics. Monique Fares Director Joined Prosafe in January 2025. Brings extensive capital markets and M&A experience from positions at SB1 Markets and Clarksons Securities Halvdan Kielland Interim CFO Reese McNeel Chief Executive Officer Joined 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 Officer With 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 Bø Director Extensive 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 Director Board of Directors Management team Joined 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
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Strategic priorities 1414 Continue providing world class, safe offshore accommodation Secure backlog beyond 2027 Be the most efficient provider in the market Maintain a robust capital structure Explore strategic opportunities / M&A 1 2 3 4 5
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Market
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Late-cycle E&P service provider with reduced exposure to short-term energy price fluctuations 16 ▪ 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 17 SS: Semi-submersible JU: Jack-up Mono: Monohull, ship shape CSS: Compact semi-submersible CYL: Cylindrical Source: Prosafe 8 2 3 SS Mono CSS South America 1 CYL Middle East 20% Prosafe market share in Brazil Global competitive accommodation fleet per January 2026 – Total supply steady at 31 vessels 2 Mono Africa 2 SS Australia 5 1 1 SS CSS CYL Asia 3 2 SS JU Europe 1 SS North America
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7 4 2 4 3 3 2 6 P ’ position as market leader Leading position in a highly fragmented market 18 1. Includes undelivered newbuilds 2. Includes CSS Belait under bareboat charter 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 holds the remaining 24 vessels 13% of all units, largest share held by another owner 46% of owners hold 3 or less units Prosafe1 Floatel POSH CIMC/Bluewhale Offshore Gran Energia Nortrans2 Macro Offshore Others
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Limited uncontracted supply of high-end units 19 Source: Prosafe, company and market reports Unit Owner Age (Y) Type DP POB Status Contracted Safe Boreas Prosafe 10 Semi DP3 450 Active Long term Safe Zephyrus Prosafe 10 Semi DP3 450 Active Long term Safe Eurus Prosafe 9 Semi DP3 500 Active Long term Safe Notos Prosafe 9 Semi DP3 500 Active Long term Floatel Endurance Floatel 10 Semi DP3 440 Active Long term Floatel Superior Floatel 15 Semi DP3 440 Active Long term Floatel Triumph Floatel 9 Semi DP3 500 Active Long term Floatel Victory Floatel 12 Semi DP3 500 Active Long term POSH Arcadia POSH 11 Semi DP3 720 Active Long term POSH Xanadu POSH 10 Semi DP3 720 Active Long term Arendal Spirit Nortrans 10 Cylindrical DP3 460 Active Short term OOS Tiradentes CIMC/Bluewhale 7 Semi DP3 600 Active Long term Blue Qilin (Hai Shi 3, OOS Serooskerke) CIMC/Bluewhale 5 Semi DP3 750 Active Long term Blue Phoenix (Hai Shi 5, OOS Walcheren) CIMC/Bluewhale 4 Semi DP3 750 Active Long term Safe Caledonia Prosafe 21 Semi No DP 454 Active Short term Haven Macro Offshore 14 JU No DP 444 Active Long term Crossway Eagle Macro Offshore 10 JU No DP 354 Active Medium term Reliance 1 Gran Energia 15 Semi DP2 500 Active Long term Venus Gran Energia 10 CSS DP3 501 Active Long term Olympia Gran Energia 11 CSS DP3 501 Active Long term Temis Nortrans 10 CSS DP3 501 Active Long term CSS Belait Nortrans 10 CSS DP3 501 Active Medium term Edda Fides Østensjø 14 Mono DP3 600 Warm stacked Sea Fortis Seatankers 8 Mono DP3 800 Warm stacked Dan Swift Lauritzen 16 Mono DP2 291 Active Medium term Acquarius Brazil Seatrium 26 Mono DP2 533 Active Long term Blue Gretha (Hua Dian Zhong Ji 01) CIMC 13 Semi DP3 618 Warm stacked Olympus Cotemar 20 Semi DP2 376 Warm stacked Guinevere Sinoocean NB Cylindrical DP3 460 Warm stacked Safe Nova Prosafe NB Semi DP3 500 Safe Vega Prosafe NB Semi DP3 500 High-end units • Harsh environment capable • All water depths • High safety and accommodation standards • Harsh environment • Shallow water Low-end units • Mild/moderate environment • All water depths • Medium safety and accommodation standards At yard • Require contracts to fund activation capex Overview of the competitive fleet
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IEA world energy supply – CPS1 exajoule (ej) Updated energy demand scenarios call for more oil and gas for longer, E&P investments have yet to align Global E&P spending2 USD billion, change YoY 20 27% 18% 6% 0% -5% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 0 50 100 150 200 250 300 350 400 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e 2026e 1) International Energy Agency, World Energy outlook 2025, Current policies Scenario 2) SB1 Markets equity research 3) Petrobras 0 100 200 300 400 500 600 700 800 900 2010 2023 2024 2035 2040 2050 Oil and gas Renwables/other Coal Petrobras E&P capex budget3 USD billion 46,6 57,2 64,3 73,5 76,4 69,2 0 10 20 30 40 50 60 70 80 90 2021-25 2022-26 2023-27 2024-28 2025-29 2026-30
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80% 20% Global market tightening driven by increased FPSO fleet size 21 ▪ 28% of the existing FPSO fleet is in Brazil ▪ 42% of all FPSOs on order are destined for Brazil, 58% for rest of the world ▪ 80% of planned FPSOs are for markets outside Brazil ▪ A key driver for increased global accommodation services demand ‒ Hook-up and installation ‒ Maintenance and production support 1) Source: Energy Maritime Associates The FPSO market1 is growing in multiple regions On order:Existing: Planned: 72% 28% 58% 42% Rest of World Brazil 180 24 70
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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% 22 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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Number of floating production units1 in Brazil Tight accommodation market balance in Brazil Brazil’s P growth a key market driver 23 P ’s, Gs, emis Sources Energy Maritime Associates, Petrobras, Prosafe ▪ 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 and other operators plan 23 new FPSOs by early 2030s ▪ Maintenance required after 2–5 years, new large FPSOs favour high-end vessels Potential endering n order xisting 8 8 10 10 6 3 3 2 3 2 1 1 5 7 7 3 4 4 4 5 2024 2025 2026E 2027E 2028E 2029E 2030E Brazil firm & forecast demandFirm Petrobras Firm Other Operator Forecast Petrobras Forecast Other Operator Vessel Deployment
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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 24 ▪ 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 others expected in H1 2026 ▪ Petrobras 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 ▪ Increased activity among independent oil and gas producers and leading FPSO providers in Brazil ‒ Demand from Karoon, Brava, SBM, Modec and Yinson Average Petrobras contract rates – Brazil Safe Notos Average contract tenor L3Y: 25 months Notos increase 75k to 139k/day 1) Units for Maintenance and Safety Source: Prosafe
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25 Global demand increasing ▪ Multiple tenders and opportunities ‒ Multi-year requirements in Guyana and West Africa ‒ Prospects developing in Australia from 2027 ‒ Five tenders in West Africa, with further prospects maturing ‒ Pent-up demand in the North Sea ▪ 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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Average contract rates – North Sea Average contract rates – Rest of World (excl. North Sea/Brazil) Rates continue to trend higher across all markets 26 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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Summary / investment case
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28 Outlook and guidance USD 35-40 million 2025 EBITDA expectation reiterated ▪ Safe Boreas receiving full day rate from 15 December 2025, 15- month firm period shall commence upon gangway connection which is expected in the first quarter of 2026 ▪ Planned SPS and related off-hire for Safe Zephyrus and Safe Notos in H1 2026 ▪ USD 1.5 million of non-recurring reorganisation costs included All high-end vessels on contract in 2026 ▪ Increased EBITDA contribution from Safe Notos and Safe Boreas ▪ Safe Caledonia on contract to late February 2026 with all options called
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Illustrative Annual EBITDA potential Post recapitalisation NIBD of USD 214m3 vs. EBITDA potential Mark-to-market NIBD/EBITDA potential close to 2x 29 ~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 (19) Illustrative EBITDA 35 - 40 ~90 – 100 ▪ Notos day-rate increase ~85%, current Brazil run rate EBITDA in range of ~USD 28 million 2.2x 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) NIBD per end Q3 2025
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Run-rate EBITDA vs. various fleet values Newbuilds unlikely, even at current market rates, replacement cost far above run-rate 30 Source: Prosafe, independent brokers. Replacement cost estimated in range of USD 1 to 1.25bn. urrent Broker values eplacement ost llustrative B potential from , x , x , x ∼350 ∼1,000 - ∼1,250 ∼350 - ∼550
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31 Leading operator of high-end offshore accommodation vessels Substantially deleveraged balance sheet - positioned for growth in fragmented market Improving market fundamentals, re-contracting at significant earnings uptick Leading position in Brazil, with backlog extending into 2030 and two vessels set for long-term work at higher dayrates New management and board in place to drive growth and stakeholder returns Investment highlights
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Appendix
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33 Income statement ▪ Lower interest expense reflects lower interest rate environment (lower SOFR) ▪ Other 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 ,
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34 Balance sheet ▪ Cash position of USD 83.3 million ▪ Total assets of USD 501.5 million ▪ Equity of USD 136.3 million after recapitalisation ▪ Other current assets increase reflects capitalised mobilisation cost and working capital before start-up in Australia ▪ Short-term debt reclassified as long-term post recapitalisation ▪ Accounts payables reflect capex timing and upfront prepayments from customers essels ew builds ther non current assets ccounts and other receivables ther current assets ash and deposits hare 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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35 Cash flow 1) 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) apex nterest paid inance cost B ew loan ept repayment ▪ USD 75 million of new liquidity as part of recapitalisation ▪ Capex of USD 11.0 million mainly related to Safe Boreas and Safe Zephyrus ▪ Working capital change due to Safe Boreas and Safe Caledonia contracts ▪ Interest paid including USD 10.8 million in accrued interest due upon completion of recapitalisation ▪ USD 8.7 million paid in refinancing fees in Q3 2025 on completion of recapitalisation ▪ Cash position of USD 83.3 million1
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New debt profile 36 2 Main Tranches ’ Tranche Super Senior Secured Senior Secured Outstanding debt USD 150m (of which USD 75m is new money) + USD 5m exit fee USD 75m USD 74.9m1 Pledged vessels Safe Boreas, Safe Zephyrus, Safe Caledonia, Safe Notos Safe Eurus Interest rate SOFR + Margin of 6.67%3 SOFR + Margin of 6.67%3 Minimum 2% cash interest, with the ability to pay the remaining interest as PIK. Have elected PIK interest from restructuring effective date 2%2 Amortisations None 50-50 EBITDA split. Minimum USD 7m/year from Q3 2025, paid quarterly Maturity 31 Dec 2029 or on the date which the urus eller’s redit falls due ~Q3 2028 or when debt reaches ~USD 50m PCG Prosafe SE fully liable USD 60m 1) Outstanding per 30 September 2025 including USD 1.2 million in accrued interest payable annually at 31 December 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 3) Interest to be paid quarterly. Interest rate price to 11% per effective date of refinancing (21 July 2025)
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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 unrecognised 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 recognised in the financial statements. ▪ The company will from time to time operate in countries where local taxes will apply. In relation to the historical Concordia contract in Trinidad and Tobago, aremaining 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 defence, challenging the view of the Brazilian Tax Authorities. Prosafe and OSM Thome received a partially favourable 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 37
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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