Slide 1: Company update and Q3 2025 results
Company update (Apr 5th, 2024 @ 13:47): PN: New image and Q3 2025 results 13 November 2025
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: Prosafe in brief
Prosafe in brief Safe Caledonia Owner of 5 accommodation vessels 3 decades of operational track-record from the Safe Nova Safe Vega world’s most demanding offshore environments On contract Leading operator with ~20% global market share NCS/UKCS and the no.1 position in Brazil Oslo At yard At y
Slide 4: Recapitalised, refocused and ready to harvest a tightening global offshore accommodation market
Recapitalised, refocused and ready to harvest a tightening global 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
Slide 5: Key events Q3 2025
Key events Q3 2025 Operations, HSSE and Backlog All 5 units on contract at quarter-end and 100% fleet utilisation in September Good operating and safety performance Safe Boreas on standby rate from 1 September as part of Australia contract Safe Caledonia firm contract to mid-Dec with 10 week
Slide 6: Significant de-leveraging and funding to support business
Significant de-leveraging Net interest-bearing debt (USD million) 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 Book equity (USD million) million Susta
Slide 7: Recalibrated strategy and new leadership
Recalibrated strategy Annual vessel EBITDA Safe Notos (USD million) and new leadership Capturing improved market fundamentals with recent Safe Notos contract Initiatives under way to reduce opex and SG&A Strengthening leading position in Brazil Fleet high-graded with Safe Caledonia and Safe
Slide 8: New ambitious BoD and experienced management team
New ambitious BoD and experienced management team Board of Directors Management team Patrick Carey Lowe Jean-Baptiste de Boissieu Monique Fares Reese McNeel Ryan Stewart Chair Director Director Chief Executive Officer Chief Commercial & Strategy Officer Offshore executive Former Managing Deputy CFO
Slide 9: High-graded fleet with all high-end units contracted into 27
High-graded fleet with all high-end units contracted into 2027 DP3 Worldwide DP3 Worldwide excl. NCS DP2/Moored World excl. NCS Safe Zephyrus – Petrobras 2027 Safe Notos – Petrobras 2030 Safe Caledonia – Ithaca 2025/2026 Built 2016 – 450 beds Built 2016 – 500 beds Built 1982/2004/2012 – 454 beds DP3
Slide 10: Backlog extending into 2030
Backlog extending into 2030 - 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 2025 10 2) 2 weeks of Caledonia options called and 10 weeks remaining
Slide 11: Market
Market 11
Slide 12: 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 13: Leading position in global market
Leading position in global market Overview of the competitive fleet Ownership distribution (incl. units at yard) 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 Others; 5 Prosafe; Safe Eurus
Slide 14: Fragmented market with consolidation potential
Fragmented market with consolidation potential Fleet development Ownership development Ownership overview 2025 (# units) Prosafe 4 1 2 31 units 29 units 8 owners 13 owners Floatel 4 3 CIMC 3 1 7 Nortrans 1 2 Gran Energia 3 14 48% Macro Offshore 1 1 69% 12 POSH 2 Østensjø 1 Lauritzen 1 10 Seatankers
Slide 15: Brazil largest market with 46% of all active units
Brazil largest market with 46% of all active units Global competitive accommodation fleet per November 2025 – Total supply steady at 31 vessels Europe 2 2 1 SS JU Mono Middle East North America 1 2 Asia CYL 6 SS 1 1 SS CSS CYL South America Australia 8 Africa 1 SS: Semi-submersible 1 JU: Jack-up SS
Slide 16: 10-year high demand driving fleet utilisation to 90%
10-year high demand driving fleet utilisation to 90% Accommodation market supply and demand (units)1 ~90% utilisation for high-end units in 2025 and 2026 Competitive units 100% Contracted demand for 35 16 2026 is at a 10-year high 14 90% 14 30 80% 2 70% 25 14 6 12 60% 9 2 6 9 20 9 50% 10 6 8 9 15 20
Slide 17: Brazil's FPSO growth a key demand driver
Brazil’s FPSO growth a key demand driver Number of floating production units1 in Brazil Tight accommodation market balance in Brazil Incumbent Brazil fleet (vessel years) Demand driven by installed FPSO-base Brazil absorbing more vessels driven by Petrobras demand and from Petrobras plan 25 ne
Slide 18: Strategic shift towards Brazil
Strategic shift towards Brazil Aligning operations with Prosafe and market activity1 Moving functions to Brazil in line with activity 5% 20% 8% Centralising administration with Oslo HQ and Brazil operational base ‒ Stavanger and Singapore offices closed 60% 20% Rightsizing of organisation, inc
Slide 19: Safe Eurus and Safe Zephyrus in pole position for increased dayrates in tight Brazil market
Safe Eurus and Safe Zephyrus in pole position for increased dayrates in tight Brazil market Average Petrobras contract rates – Brazil Safe Eurus and Safe Zephyrus well placed to benefit from high utilisation increasing day-rates from 2027 200 000 Notos increase New tenders and contracts from Pet
Slide 20: Global market tightening with increased tender activity
Global market tightening with increased tender activity The FPSO market1 is growing into other regions Multiple tenders and opportunities outside Brazil ‒ Multi-year requirement outstanding in Guyana and West Africa Existing: On order: Planned: ‒ Three tenders in West Africa, with further prospect
Slide 21: 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 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 2018 2020 2022 2023 2025 2
Slide 22: Operations
Operations 22
Slide 23: Stable operations and higher utilisation in Q3
Stable operations and higher utilisation in Q3 Caledonia 86% 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 Zephyrus September Boreas Safe Boreas currently enroute to Australia Eurus N
Slide 24: Backlog into 2030
Backlog into 2030 Historical Order backlog (USD million) Backlog of USD 4801 million including options per Q3 2025 ‒ USD 446 million firm contracts ‒ USD 34 million options 4x increase from cycle-trough in 2021 ‒ Firm backlog nearing 2016 levels on new contract wins and high conversion of option
Slide 25: Financials
Financials 25
Slide 26: EBITDA more than doubled YoY
EBITDA more than doubled YoY Operating revenues and EBITDA (USD million) Charter income increased to USD 42.2 million 50 ‒ Safe Caledonia working full quarter and Safe 11 Boreas on stand-by rate from 1 September 40 ‒ Safe Boreas mobilisation fee recognised over the 42 contract period from start of
Slide 27: Income statement
Income statement Lower interest expense reflects lower interest rate environment (lower SOFR) Other financial items include USD 181.8 million recapitalisation gain 27
Slide 28: Balance sheet
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-te
Slide 29: Cash flow
Cash flow USD 75 million of new liquidity as part of Cash flow in the quarter (USD million) 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 milli
Slide 30: Summary and outlook
Summary and outlook 30
Slide 31: Mark-to-market EBITDA uplift potential >100% and NIBD/EBITDA reduction towards 2x
Mark-to-market EBITDA uplift potential >100% and NIBD/EBITDA reduction towards 2x Illustrative Annual EBITDA potential Post recapitalisation NIBD of USD 214m3 vs. EBITDA potential 2025 Potential USD 35 - 40m ~USD 90 - 100m USD million guidance from 20281 EBITDA EBITDA 7.0 EBITDA/vessel High-end unit
Slide 32: Significant discount to rig replacement cost
Significant discount to rig replacement cost Asset valuation relative to broker and replacement cost1 USD million 1 400 USD 1 – 1.25 bn Prøvd litt forskjellig bilder. 1 200 Blir det ikke litt mye? Line 1 000 800 EV ~30 % 600 High ~550 of RC Mid ~350 400 110 200 214 0 EV Broker values Replacement cos
Slide 33: Outlook and guidance
Outlook and guidance Full-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
Slide 34: Strategic priorities
Strategic priorities Continue providing world class, safe offshore 1 accommodation 2 Secure backlog beyond 2027 3 Be the most efficient provider in the market 4 Maintain a robust capital structure 5 Explore strategic opportunities / M&A 34
Slide 35: Appendix
Appendix 35
Slide 36: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows
Slide 37: Interim condensed consolidated statement of comprehensive income
Interim condensed consolidated statement of comprehensive income 37
Slide 38: Interim condensed consolidated statement of changes in equity
Interim condensed consolidated statement of changes in equity
Slide 39: Vessel update - Brazil
Vessel update - Brazil Safe Eurus Safe Notos Safe Zephyrus DP3 – Worldwide excluding NCS1 DP3 – Worldwide excluding NCS1 DP3 – Worldwide Contracted to Petrobras until Q1 2027 Contracted to Petrobras until Q3 2030 Contracted to Petrobras until September 2027 99% utilisation YTD 2025 99% uti
Slide 40: Vessel update - Rest of world
Vessel update - Rest of world Safe Boreas Safe Caledonia Safe Nova/Safe Vega (undelivered) DP3 – Worldwide TAMS2 - UK North Sea DP3 – Worldwide excluding NCS1 On standby rate from 1 September On Contract to Ithaca Energy in the UK since Only two DP3 semis available at yard 02 June 2025 500 P
Slide 41: Analytical information
Analytical information Expenditure information Indicative opex/day by region Item 2025 Comment Region 2025 Opex Estimated Estimated (USDm) (USDk/day) SG&A1 ~21-22 Excluding ~2-3m of re-organisation costs UK (Moored – Caledonia) ~30-35k Depreciation ~35-37 Straight line depreciation Brazil2 ~60k Inte
Slide 42: Debt profile
Debt profile 2 Main Tranches Eurus Seller’s Credit Tranche Super Senior Secured Senior Secured Outstanding debt USD 150m (of which USD 75m is new money) + USD 75m USD 74.9m1 USD 5m exit fee Pledged vessels Safe Boreas, Safe Zephyrus, Safe Caledonia, Safe Notos Safe Eurus Interest rate SOFR + Margin
Slide 43: 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 1.8 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.
Slide 44: We are headquartered in Norway and have offices in Brazil, Singapore and UK
We are headquartered in Norway and have offices in the Brazil, Singapore and UK prosafe.com