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Q2 and first half 2026 results 28 August 2026 (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 – enabling safe and efficient offshore energy supply Safe Vega At yard Safe Nova At yard Safe Boreas On contract Safe Caledonia Contracted for ‘27 Brazil NCS/UKCS Asia Oslo Safe Zephyrus On contract Safe Eurus On contract Safe Notos On contract Leading global operator ▪ ~20% market share and leading 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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▪ Operations and HSSE ‒ 71% fleet utilisation, good operating and safety performance ‒ Backlog of USD 407 million including options at end Q2 ‒ Safe Caledonia LOI transitioned to firm contract in May ▪ Financials ‒ Q2 revenues of USD 46.5 million (USD 30.9 million) ‒ EBITDA of USD 9.7 million (USD 3.1 million) ‒ Cash flow from operations of USD negative 14.2 million (positive USD 12.2 million) ‒ Capex of USD 15.1 million (USD 14.5 million) ‒ Liquidity position of USD 52.3 million (USD 65.3 million at year-end 2025) ▪ Market and outlook ‒ Positioned for earnings growth from an improved day-rate environment and upcoming contract roll-offs ‒ Strong global market led by Brazil and Africa, with recent and ongoing tenders ‒ Full-year 2026 EBITDA guidance raised to USD 50-55 million, the high end of the previously communicated range Key events 4
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Fleet overview 5 - Firm/option - SPS/Contract preparation 2 2 2 27 2 2 2 2 2 2 2 2 2 e e afe e r afe r afe oto afe orea afe Ca edon a afe o a afe e a
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Market 6
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Late-cycle E&P service provider with reduced exposure to short-term energy price fluctuations 7 ▪ 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 8 SS: Semi-submersible JU: Jack-up Mono: Monohull, ship shape CSS: Compact semi-submersible CYL: Cylindrical Source: Prosafe 1 including undelivered vessels 20% Prosafe market share in Brazil Global competitive accommodation fleet per August 2026 – Total supply steady at 31 vessels1 1 1 SS JU North America 3 1 1 SS JU CSS Europe 10 2 2 SS Mono CSS South America 2 SS Australia 2 1 1 1 SS Mono CSS CYL Asia 1 1 1 SS Mono CYL Africa
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Limited uncontracted supply of high-end units 9 *Contracted from Q2 2027 Source: Prosafe, company and market reports Unit Owner Age (Y) Type DP POB Status Safe Boreas Prosafe 10 Semi DP3 450 Active Safe Zephyrus Prosafe 10 Semi DP3 490 Active Safe Eurus Prosafe 9 Semi DP3 500 Active Safe Notos Prosafe 9 Semi DP3 500 Active Floatel Endurance Floatel 10 Semi DP3 440 Active Floatel Superior Floatel 15 Semi DP3 440 Active Floatel Triumph Floatel 9 Semi DP3 500 Active Floatel Victory Floatel 12 Semi DP3 500 Active POSH Arcadia POSH 11 Semi DP3 720 Active POSH Xanadu POSH 10 Semi DP3 720 Active Arendal Spirit Nortrans 10 Cylindrical DP3 460 Active OOS Tiradentes BlueOOS 7 Semi DP3 600 Active Guinevere Sinoocean NB Cylindrical DP3 460 Warm stacked Blue Gretha (Hua Dian Zhong Ji 01) BlueOOS 13 Semi DP3 618 Active Blue Qilin (Hai Shi 3, OOS Serooskerke) CIMC/BlueOOS 5 Semi DP3 750 Active Blue Phoenix (Hai Shi 5, OOS Walcheren) CIMC/BlueOOS 4 Semi DP3 750 Active Safe Caledonia Prosafe 21 Semi No DP 454 Warm stacked* Haven Macro Offshore 14 JU No DP 444 Active Crossway Eagle Macro Offshore 10 JU No DP 354 Active Reliance 1 Gran Energia 15 Semi DP2 500 Active Venus Gran Energia 10 CSS DP3 501 Active Olympia Gran Energia 11 CSS DP3 501 Active Temis Nortrans 10 CSS DP3 501 Active CSS Belait Nortrans 10 CSS DP3 501 Warm stacked Edda Fides Østensjø 14 Mono DP3 600 Active Sea Fortis Seatankers 8 Mono DP3 800 Active Dan Swift Lauritzen 16 Mono DP2 291 Active Aquarius Brazil Gran Energia 26 Mono DP2 533 Active Olympus Cotemar 20 Semi DP2 376 Active Safe Nova Prosafe NB Semi DP3 500 Preserved Safe Vega Prosafe NB Semi DP3 500 Preserved 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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0 5 10 15 20 25 30 35 0% 10% 20% 30% 40% 50% 60% 70% 80% 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026e 2027e Fleet Supply (vessels) Utilisation High-end Utilisation Low-end Utilisation Annual Utilisation and Fleet Supply, firm contracts only 1 Tightest market in a decade 10 ▪ Contracted demand for 2026 up ~20% y-o-y with backlog building for 2027 ▪ High-end units with better utilisation than low-end ▪ With recontracting and limited supply, expect day rates to remain high Recontracting expected to boost utilisation from 2027 1 Undelivered vessels excluded
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Further contracting expected in Brazil 11 1. Assumes a contract awarded for the CSS Venus, as the lowest bidder in the latest Petrobras tender k d k d k d k d k d k d k d k d k d k d k d k d k d ctivity afe urus etrobras loatel ictory uinor rava loatel riumph ustralia ra il iradentes etrobras enus etrobras afe ephyrus etrobras lympia etrobras ther eliance etrobras rcadia etrobras anadu etrobras uarius ra il etrobras lue ilin etrobras lue hoenix etrobras afe otos etrobras • 11x vessels off contract in 2027 and 2028 • 8x vessels completing contract in 2027 • 3x recontracted so far1 • LoI awarded to Floatel Triumph for Q1 2027, vessel moving from Australia to Brazil • The CSS Olympia has potentially secured contract outside of the Petrobras fleet • Anticipate further contracting in Brazil
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0 50,000 100,000 150,000 200,000 2012 2013 2015 2017 2018 2020 2022 2023 2025 2027 Well positioned to benefit from increased day-rates in Brazil 12 ▪ Safe Eurus and Safe Zephyrus well placed to benefit from increasing day-rates from 2027 ▪ ecent tenders by etrobras focused on ‘low spec’ units; ‘high spec’ tenders anticipated ▪ Further demand from Brazil independents expected ▪ PRIO, BW Energy, Brava, SBM, Modec, and Equinor ▪ Multiple tenders and opportunities outside Brazil ‒ Requirements in Africa and Asia ‒ Opportunities in UK for 2028 and beyond ▪ Longer-term shift towards more projects in new markets ‒ South America outside Brazil ‒ West Africa ‒ Australia and Asia Average contract rates – Brazil Safe Notos Average contract tenor L3Y: 25 months Notos increase 75k to 140k/day Source: Prosafe
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North Sea contract rates Rates continue to trend higher across all markets Rest of World contract rates (excl. North Sea/Brazil) 13 ▪ Rest of World pricing converged to North Sea levels with high demand and limited global supply ▪ Day rates recovered from 2020 trough, with awards in the USD 150,000–200,000 / day range in both regions 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 Source: Prosafe, dates awarded
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Operations 14
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15 Stable operations ▪ 71% fleet utilisation ▪ Safe Boreas and Safe Eurus at ~100% utilisation ▪ Safe Notos and Safe Zephyrus back on hire in April after completing SPS on time and budget ▪ Safe Boreas on full dayrate after gangway connection on 3 April, marking start of 15- month firm contract ▪ Safe Caledonia warm stacked in Scapa Flow, UK, pending Q2 2027 contract start-up Eurus Zephyrus Boreas Caledonia Notos Fleet utilisation (%) 65% 86% 100% 79% 71% 80% 80% 20% 40% 60% 80% 100% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q4'26 Reflects firm backlog as of 30 June 2026, including gangway down on the Boreas from 3 April 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 c ontract start date. Reimbursable expenses, e.g crew cost, fuel and other transportation cost for Safe Boreas are excluded from the backlog 2) Boreas options callable 90 days in advance 16 Backlog stable at a higher level ▪ Backlog USD 4071 million including options ‒ USD 369 million firm contracts ‒ USD 38 million options ▪ Safe Notos starting new 4-year contract ‒ Direct continuation of current contract at higher dayrates ▪ Safe Boreas firm contract to July 2027 ‒ 6 months options (1x 90 days and 2x 45 days) to Dec 20272 ‒ USD 25 million total option value ▪ Safe Caledonia contracted for 2027/28 work ‒ 6 months firm + 3x 1-month options ‒ USD 30-44 million firm contract value depending on options Historical Order backlog (USD million) Expected phasing of order backlog (USD million)1 176 ptions irm 60
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Financials 17
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18 EBITDA tripled YoY ▪ Charter income up 24% YoY to USD 36 million ‒ Safe Boreas on full day-rate for entire quarter ‒ Partly offset by SPSs in Brazil ▪ Other income of USD 11 million ‒ Safe Boreas reimbursements with limited margin recognition ▪ EBITDA ‒ YoY Growth driven by Boreas ‒ Lower utilisation vs ’ and ’ due to s and Caledonia Operating revenues and EBITDA (USD million) 29 42 51 39 362 11 20 9 11 3 11 21 15 10 0 10 20 30 40 50 60 70 80 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Charter income Other income EBITDA 31 53 71 48 47
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19 Income statement ▪ On track for 2026 SG&A target of USD 19 million ▪ Net loss of USD 6.1 million compared to loss of USD 23.9 million in Q2 2025 (Unaudited figures in USD million) Q2 26 Q2 25 12M 25 Operating revenues 46.5 30.9 188.4 Operating expenses (36.8) (27.8) (148.4) Operating results before depreciation 9.7 3.1 40.0 Depreciation (8.0) (7.9) (32.6) Impairment 0.0 0.0 0.0 Operating profit/(loss) 1.7 (4.8) 7.4 Interest income 0.2 0.5 2.2 Interest expenses (7.0) (7.1) (28.4) Other financial items (0.9) (12.0) 162.1 Net financial items (7.7) (18.6) 135.9 Profit/(loss) before taxes (6.1) (23.4) 143.3 Taxes (0.0) (0.5) (0.8) Net profit/(loss) (6.1) (23.9) 142.5 EPS (0.02) (1.34) 0.86 Diluted EPS (0.02) (1.34) 0.85
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20 Cash flow ▪ Working capital change largely due to timing of accounts payable in relation to SPSs ▪ Capex of USD 15.1 million mainly related to Safe Notos and Safe Zephyrus SPSs ‒ Both completed in April ‒ Significant decrease expected in H2 2026 ▪ Cash position of USD 52.3 million Cash flow in the quarter (USD million) Ca 2 Ca 2 2 apex ept repayment axes paid other nterest paid
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Liquidity position1 Equity ratio Strengthened balance sheet NIBD and NIBD/LTM EBITDA2 21 45 83 65 87 52 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1) Minimum USD 20 million cash covenant 2) NIBD over last rolling last twelve months EBITDA 379 214 231 210 247 18x 8x 6x 4x 4x 0 2 4 6 8 10 12 14 16 18 20 0 50 100 150 200 250 300 350 400 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 -11% 27% 29% 28% 27% Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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4 7 58 81 150 5 0 50 100 150 200 250 300 2026 2027 2028 Eurus Senior secured Super senior secured Exit fee (Super senior) Capital structure ▪ urus eller’s redit: U 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 236 million1 ‒ Super Senior Secured USD 150 million + 5 million exit fee ‒ Senior Secured USD 81 million (incl. accrued PIK interest) ‒ ue at the earlier of; urus eller’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 30 June 2026 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 basis SOFR +6.67% paid quarterly SOFR +6.67%, min 2% cash rest PIK (in use) paid quarterly 2%2 cash interest paid annually 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 Q2 2026 NIBD of USD 247m vs. EBITDA potential Mark-to-market EBITDA uplift potential of 75% and NIBD/EBITDA reduction down towards 2.5x 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 57m LTM EBITDA 4.3x 2.6x Q2 2026 Potential USD million LTM Q2 2026 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 57 ~90 – 100
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Run-rate EBITDA vs. various fleet values (USDm) 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. Current EV per August 2026 urrent roker values eplacement ost llustrative potential from x x x ∼450 ∼1,000 - ∼1,250 ∼350 - ∼550
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▪ 2026 EBITDA guidance lifted to USD 50-55 million, in the high end of the previous range of USD 45-55 million ‒ Year-over-year increase reflecting EBITDA contribution from Safe Notos and Safe Boreas ▪ Positioned to capture structurally stronger market ‒ High-end vessels coming off legacy contracts in an active market with materially improved day-rates Outlook and guidance 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 Contract from Q2 2027 Safe Nova / Vega – At yard Built 2015 500 beds Uncontracted newbuilds Worldwide (NCS Compliant) Worldwide excl. NCS Worldwide excl. NCS
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29 Balance sheet ▪ Cash position of USD 52.3 million ▪ Total assets of USD 496.2 million ▪ Equity of USD 134.9 million ▪ Short-term debt reclassified as long-term post recapitalisation in Q3 2025 (Unaudited figures in USD million) Q2 26 Q2 25 12M 25 Goodwill 0.0 0.0 0.0 Vessels 399.7 370.1 373.5 New builds 0.0 0.0 0.0 Other non-current assets 3.1 3.9 3.6 Total non-current assets 402.8 374.0 377.1 Accounts and other receivables 28.7 25.9 39.1 Other current assets 12.4 11.7 11.8 Cash and deposits 52.3 45.0 65.3 Total current assets 93.4 82.6 116.2 Total assets 496.2 456.6 493.3 Share capital 4.1 24.8 4.1 Other equity 130.9 (76.0) 137.5 Total equity 134.9 (51.2) 141.6 Interest-free long-term liabilities 1.6 1.6 1.8 Interest-bearing long-term debt 293.3 65.1 290.4 Total long-term liabilities 294.9 66.7 292.2 Accounts and other payables 55.6 76.9 48.0 Tax payable 5.3 5.6 5.9 Current portion of long-term debt 5.5 358.6 5.7 Total current liabilities 66.4 441.1 59.5 Total equity and liabilities 496.2 456.6 493.3
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Interim condensed consolidated statement of cash flows 30 (Unaudited figures in USD million) Q2 26 Q2 25 12M 25 Profit/(Loss) before taxes (6.1) (23.4) 143.3 Net gain from recapitalisation 0.0 0.0 (181.8) Gain on sale of non-current assets 0.0 (0.2) (0.4) Depreciation 8.0 7.9 32.6 Impairment 0.0 0.0 0.0 Financial income (0.2) (0.5) (2.2) Financial costs 7.0 19.1 48.0 Share-based payment expense (0.0) 0.2 0.3 Change in working capital (22.4) 15.7 (0.4) Other items from operating activities 0.2 (4.1) 0.2 Taxes paid (0.7) (2.5) (2.7) Net cash flow from operating activities (14.2) 12.2 36.9 Acquisition of tangible assets (15.1) (14.5) (55.5) Net proceeds from sale of tangible assets 0.0 1.3 7.1 Interests received 0.2 0.5 2.1 Net cash flow used in investing activities (14.9) (12.7) (46.3) Proceeds from new interest-bearing debt 0.0 0.0 75.0 Repayment of interest-bearing debt (1.8) (1.6) (6.5) Refinancing cost 0.0 (6.9) (17.5) Issuance of shares 0.0 0.0 0.2 Interests paid (4.3) 0.0 (23.3) Net cash flow used in financing activities (6.1) (8.5) 27.9 Net cash flow (35.1) (9.0) 18.5 Cash and deposits at beginning of period 87.4 54.0 46.8 Cash and deposits at end of period 52.3 45.0 65.3
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Interim condensed consolidated statement of comprehensive income 31 (Unaudited figures in USD million) Q2 26 Q2 25 12M 25 Net profit/(loss) for the period (6.1) (23.9) 142.5 Foreign currency translation 0.1 (0.1) 0.8 Pension remeasurement 0.0 0.0 (0.1) Other comprehensive income 0.1 (0.1) 0.6 Total comprehensive income (6.0) (24.0) 143.1
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Interim condensed consolidated statement of changes in equity (Unaudited figures in USD million) Q2 26 Q2 25 12M 25 Equity at beginning of period 140.9 (27.4) (13.2) Share based payment (0.0) 0.2 0.3 New share issue 0.0 0.0 11.4 Comprehensive income for the period (6.0) (24.0) 143.1 Equity at end of period 134.9 (51.2) 141.6 32
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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. Zephyrus was off-hire 42 days. Notos was off-hire 55 days 3) Including USD 3-7k/day in fuel cost depending on vessel and contract 4) Client covers all crew cost and fuel while operating in Australia Item FY 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 1.5bn per year end 2025, local and contract specific taxes Debt repayment (COSCO) 7.0 ebt repayment under urus seller’s credit Capex and mobilisation spend Boreas 0 Caledonia ~1 Zephyrus2 ~15 SPS, thruster and engine overhauls Notos2 ~27 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 1.5 billion as at end 2025. 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 t this time, rosafe 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 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. In February 2026, Prosafe and OSM Thome received a favorable ruling at the second administrative level cancelling the assessment. Prosafe and OSM Thome have received formal notification of the cancellation. Tax 34
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prosafe.com We are headquartered in Norway and have offices in Brazil and UK