Slide 1: Q1 2026 results
(Feb 5th, 2026 @ 10:12): New image Q1 2026 (Apr 5th, 2024 @ 13:47): PN: New image results 29 May 2026
Slide 2: Disclaimer
Disclaimer 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.
Slide 3: Set to harvest tightening offshore accommodation market
Set to harvest tightening offshore accommodation market High-end fleet with Leading Brazil Strong market Cost and Exploring all modern units position with fundamentals and operational strategic contracted into backlog extending rising dayrates efficiency drive opportunities/M&A 2027 into 2030
Slide 4: Key events
Key events ▪ Operations and HSSE ‒ 79% fleet utilisation, good operating and safety performance ‒ Backlog of USD 403 million including options at end Q1 ‒ Safe Caledonia LOI transitioned to firm contract in May ▪ Financials ‒ Revenues of USD 48.1 million (USD 33.0 million) ‒ EBITDA of USD 14.8 milli
Slide 5: Successful SPS’s complete
Successful SPS’s complete ▪ Safe Notos and Safe Zephyrus completed 5-year SPS and upgrades in April ▪ Both projects executed in Brazil on schedule and in line with estimates ▪ Safe Notos set to transition to new 4-year contract in September in direct continuation of current contract at higher dayrat
Slide 6: Prosafe – enabling safe and efficient offshore energy supply
Prosafe – enabling safe and efficient offshore energy supply Leading global operator Owner of 5 accommodation vessels ▪ ~20% market share and leading position in Brazil Safe Caledonia Safe Nova Safe Vega ▪ Extensive operational track-record from the world’s most demanding offshore environments NCS/U
Slide 7: Fleet overview
Fleet overview e e 2 2 2 27 2 2 2 2 2 2 2 2 2 2 afe e r afe r afe oto afe orea afe Ca edon a afe o a afe e a - Firm/option - SPS/Contract preparation 7 1) Boreas 15-month firm period started 3 April 2026
Slide 8: Market
Market 8
Slide 9: Late-cycle E&P service provider with reduced exposure to short-term energy price fluctuations
Late-cycle E&P service provider with reduced exposure to short-term energy price fluctuations Exploration Appraisal Development: Development: Production: Decommissioning Pre-engineering & Hook-up/ Operation & construction commissioning maintenance Accommodation is late in the offshore E&P cycle ~20%
Slide 10: Brazil largest market followed by North Sea
Brazil largest market followed by North Sea Global competitive accommodation fleet per May 2026 – Total supply steady at 31 vessels Europe 3 1 1 SS JU CYL Asia North America 2 1 1 1 Africa 2 SS CYL SS JU 1 20% SS Mono Prosafe market share in Brazil South America* 10 Australia SS: Semi-submersible 2
Slide 11: Limited uncontracted supply of high-end units
Limited uncontracted supply of high-end units Overview of the competitive fleet 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 Endu
Slide 12: Demand at a 10-year high driving fleet utilization to 90%
Demand at a 10-year high driving fleet utilization to 90% Accommodation market supply and demand (units)1 ~90% utilization for high-end units in 2025 and 2026 Competitive units Contracted demand for Contracted demand expected 16 100% 2026 is at a 10-year high 35 2026 levels to increase above 14 14 9
Slide 13: Brazil’s FPSO growth a key market driver
Brazil’s FPSO growth a key market driver Number of floating production units1 in Brazil Tight market balance in Brazil Potential Firm Petrobras Brazil firm & forecast demand endering 1 Firm Other Operator Forecast Petrobras On order Forecast Other Operator 11 1 1 Vessel Deployment xisting 1 4 1 3 4
Slide 14: Safe Eurus and Safe Zephyrus well positioned for increased dayrates in tight Brazil market
Safe Eurus and Safe Zephyrus well positioned for increased dayrates in tight Brazil market Average Petrobras contract rates – Brazil ▪ Safe Eurus and Safe Zephyrus well placed to benefit from high utilisation and increasing day-rates from 2027 200 000 Notos increase ▪ Recent tender by Petrobras, wit
Slide 15: Rates continue to trend higher across all markets
Rates continue to trend higher across all markets Average contract rates – North Sea Average contract rates – Rest of World (excl. North Sea/Brazil) 400 000 400 000 350 000 350 000 300 000 300 000 250 000 250 000 200 000 200 000 150 000 150 000 100 000 100 000 50 000 50 000 0 0 2012 2013 2015 2017 2
Slide 16: Operations
Operations 16
Slide 17: Good Q1 operations
Good Q1 operations Caledonia ▪ 79% fleet utilisation ▪ Safe Boreas and Safe Eurus at ~100% utilisation Zephyrus ▪ Safe Caledonia demobilised on 22 February Boreas after end of contract ‒ Warm stacked in Scapa Flow, UK Eurus Notos ‒ Contract secured from Q2 2027 ▪ Safe Notos and Safe Zephyrus started
Slide 18: Firm backlog up ~4x since cycle-trough
Firm backlog up ~4x 1 Historical Order backlog (USD million) since cycle-trough Options Firm ▪ Backlog USD 4031 million including options ‒ USD 378 million firm contracts 1 ‒ USD 25 million options 1 1 1 1 1 ▪ Safe Boreas on full dayrate, gangway connection on 3 April marking start of 15- 1 1 1 1 1
Slide 19: Financials
Financials 19
Slide 20: EBITDA tripled YoY
EBITDA tripled YoY Operating revenues and EBITDA (USD million) ▪ Charter income up 46% to USD 48 million 80 ‒ Safe Boreas on full day-rate entire quarter 71 ‒ Safe Caledonia on contract to late February 70 ▪ Other income of USD 9 million 60 53 20 48 ‒ Related to reimbursements on Boreas 50 11 51 ‒ L
Slide 21: Income statement
Income statement (Unaudited figures in USD million) Q1 26 Q1 25 12M 25 Operating revenues 48.1 33.0 188.4 Operating expenses (33.3) (28.4) (148.4) ▪ On track for 2026 SG&A target of USD 19 Operating results before depreciation 14.8 4.6 40.0 million Depreciation (8.8) (7.9) (32.6) ▪ Net loss of USD 1
Slide 22: Cash flow
Cash flow Cash flow in the quarter (USD million) ▪ Capex of USD 27.4 million mainly related to Safe Eurus and Safe Zephyrus SPSs ‒ SPSs both completed during April ) ) ▪ Working capital change due to Safe Boreas and Safe Caledonia contract phasing, and timing of accounts payable in relation to 1 SPS
Slide 23: Strengthened balance sheet
Strengthened balance sheet Liquidity position1 NIBD and NIBD/LTM EBITDA2 Equity ratio 400 379 20 364 87 18x 29% 18 27% 28% 83 350 16 300 65 15x 14 250 231 12 54 214 210 45 200 10 8 150 8x 6 100 6x 4 4x -6% 50 2 -11% 0 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Slide 24: Capital structure
Capital structure Current debt profile (USD million)1 ▪ urus Seller’s redit: US million1 ‒ Due August 2028 or when debt reaches USD 50 million 300 5 ‒ Security over Safe Eurus Potential to extend maturities to 31.12.29 ‒ 2% cash interest, paid yearly2 subject to an extension of the Eurus 250 facilit
Slide 25: Summary and outlook
Summary and outlook 25
Slide 26: Mark-to-market EBITDA uplift potential >100% and NIBD/EBITDA reduction down towards 2x
Mark-to-market EBITDA uplift potential >100% and NIBD/EBITDA reduction down towards 2x Illustrative annual EBITDA potential Q1 2026 NIBD of USD 210m vs. EBITDA potential Potential USD 50m ~USD 90 - 100m USD million LTM Q1 2026 from 20281 LTM EBITDA EBITDA EBITDA/vessel High-end units 25 - 26 4,2x #
Slide 27: Newbuilds unlikely, even at current market rates, replacement cost far above run-rate
Newbuilds unlikely, even at current market rates, replacement cost far above run-rate Run-rate EBITDA vs. various fleet values (USDm) 1 . x . x ∼1,000 - ∼1,250 . x ∼350 - ∼550 ∼350 - 370 llustrative B potential urrent Broker values eplacement ost from 27 Source: Prosafe, independent brokers. Replace
Slide 28: Outlook and guidance
Outlook and guidance ▪ 2026 EBITDA expectation maintained at USD 45-55 million ‒ Increased EBITDA contribution from Safe Notos and Safe Boreas ▪ Strengthened balance sheet and liquidity position ‒ Positive working capital impact in 2026 supporting liquidity ▪ Positioned to capture structurally stron
Slide 29: Appendix
Appendix 29
Slide 30: Right-sized, efficient fleet with all high-end units contracted to 2027
Right-sized, efficient fleet with all high-end units contracted to 2027 High-end DP31 vessels DP21 / Moored Worldwide (NCS Compliant) Worldwide excl. NCS Worldwide excl. NCS Safe Zephyrus Safe Notos Safe Caledonia Built 2016 Built 2016 Built 1982/2004/2012 490 beds 500 beds 454 beds Contracted: Petr
Slide 31: Balance sheet
Balance sheet (Unaudited figures in USD million) Q1 26 Q1 25 12M 25 Goodwill 0.0 0.0 0.0 Vessels 392.4 365.1 373.5 New builds 0.0 0.0 0.0 Other non-current assets 3.4 4.4 3.6 Total non-current assets 395.7 369.5 377.1 ▪ Cash position of USD 87.4 million Accounts and other receivables 13.5 34.5 39.1
Slide 32: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows (Unaudited figures in USD million) Q1 26 Q1 25 12M 25 Profit/(Loss) before taxes (0.6) (14.7) 143.3 Net gain from recapitalisation 0.0 0.0 (181.8) Gain on sale of non-current assets 0.0 (0.3) (0.4) Depreciation 8.8 7.9 32.6 Impairment 0.0 0.0 0.
Slide 33: Interim condensed consolidated statement of comprehensive income
Interim condensed consolidated statement of comprehensive income (Unaudited figures in USD million) Q1 26 Q1 25 12M 25 Net profit/(loss) for the period (1.0) (14.9) 142.5 Foreign currency translation 0.1 0.7 0.8 Pension remeasurement 0.0 0.0 (0.1) Other comprehensive income 0.1 0.7 0.6 Total compreh
Slide 34: Interim condensed consolidated statement of changes in equity
Interim condensed consolidated statement of changes in equity (Unaudited figures in USD million) Q1 26 Q1 25 12M 25 Equity at beginning of period 141.6 (13.2) (13.2) Share based payment 0.2 0.0 0.3 New share issue 0.0 0.0 11.4 Comprehensive income for the period (0.8) (14.2) 143.1 Equity at end of p
Slide 35: Analytical information
Analytical information Expenditure information Indicative opex/day Item 2026 Comment Region 2026 Opex Estimated Estimated (USDm) (USDk/day) SG&A1 ~19 Includes onshore vessel management Caledonia (Working/Idle) ~32k / ~20k Interest ~27-29 (Inc. PIK and Eurus facility). Based on SOFR forward curve + 6
Slide 36: Tax
Tax ▪ 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.
Slide 37: We are headquartered in Norway and have offices in Brazil and UK
We are headquartered in Norway and have offices in Brazil and UK prosafe.com