Prosafe Se · OSL:PRS
Prosafe — Investor Presentation (January 2026)
38 slides from Prosafe's investor presentation, January 2026
Slide 1: Company Presentation January 2026
Company Presentation January 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: Investment highlights
Investment highlights Leading operator of Substantially Improving market Leading position in New management and high-end offshore deleveraged balance fundamentals, Brazil, with backlog board in place to drive accommodation sheet - positioned for re-contracting at extending into 2030 growth and stake
Slide 4: Company Overview
Company Overview
Slide 5: 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 the no.1 position in Brazil Safe Caledonia Safe Nova Safe Vega ▪ Extensive operational track-record from the world’s most demanding offshore environments NCS/
Slide 6: Nearly 30 years of offshore accommodation market innovation, consolidation and leadership
Nearly 30 years of offshore accommodation market innovation, consolidation and leadership 1997-2010 2011-2015 2015-2021 2022-> Start-up and growth Accommodation pureplay Downturn and right-sizing Market recovery • Safe Offshore merges with Procon Offshore (Oslo • Orders 4 DP3 newbuilds • Delivery of
Slide 7: 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 8: All high-end units contracted to 2027, backlog into 2030
All high-end units contracted to 2027, backlog into 2030 thaca Firm/option SPS/Contract preparation - LOI 8 1) Boreas on firm dayrate from 15 December 2025, with 15-month firm period starting upon gangway connection (expected during Q1 2026)
Slide 9: Backlog up 4x since cycle-trough, extending into 2030
Backlog up 4x since cycle- Historical Order backlog (USD million) trough, extending into 2030 ptions irm ▪ 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 pos
Slide 10: 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 million Book equity (USD million) ▪ Susta
Slide 11: Recalibrated strategy and new leadership delivering material progress
Recalibrated strategy and Annual vessel EBITDA Safe Notos (USD million) new leadership delivering x material progress ▪ Capturing improved market fundamentals with recent Safe Notos contract and Safe Caledonia LOI for 2027 ▪ Consistent high uptime on active vessels egacy contract ew contract and 100
Slide 12: Positioned for re-contracting in Brazil with material step-up in dayrate and EBITDA
Positioned for re-contracting in Brazil with material step-up in dayrate and EBITDA Dayrate (USD/day)1 Annual Vessel EBITDA (USDm)1,2 +22% +189% +37% +63% afe urus afe ephyrus ecent contract awards afe urus afe ephyrus ecent contract awards 1) Potential given vessels re-priced to current market day
Slide 13: 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 14: Strategic priorities
Strategic priorities Continue providing world class, 1 safe offshore accommodation 2 Secure backlog beyond 2027 Be the most efficient provider 3 in the market 4 Maintain a robust capital structure 5 Explore strategic opportunities / M&A 14
Slide 15: Market
Market
Slide 16: 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 Development: Development: Production: Exploration Appraisal Pre-engineering & Hook-up/ Operation & Decommissioning construction commissioning maintenance Accommodation is late in the offshore E&P cycle Prov
Slide 17: Brazil largest market followed by North Sea
Brazil largest market followed by North Sea Global competitive accommodation fleet per January 2026 – Total supply steady at 31 vessels Europe 3 2 SS JU Asia 5 North America Middle East 1 1 1 1 SS CYL 20% SS CSS CYL Prosafe market Africa share in Brazil 2 Australia 2 South America SS: Semi-submersib
Slide 18: Leading position in a highly fragmented market
Leading position in a highly fragmented market Ownership (incl. units at yard) P ’ position as market leader 29% of active high-end vessels Others 30% of high-end units incl. vessels at yard Prosafe1 6 7 23% of all vessels incl. vessels at yard Macro Offshore 2 31 Other owners market shares Gran uni
Slide 19: 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 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 P
Slide 20: Updated energy demand scenarios call for more oil and gas for longer
Updated energy demand scenarios call for more oil and gas for longer, E&P investments have yet to align IEA world energy supply – CPS1 Global E&P spending2 Petrobras E&P capex budget3 exajoule (ej) USD billion, change YoY USD billion 900 400 40% 90 800 350 30% 80 76,4 27% 73,5 69,2 700 20% 70 300 18
Slide 21: Global market tightening driven by increased FPSO fleet size
Global market tightening driven by increased FPSO fleet size The FPSO market1 is growing in multiple regions Existing: On order: Planned: ▪ 28% of the existing FPSO fleet is in Brazil ▪ 42% of all FPSOs on order are 20% destined for Brazil, 58% for rest of 28% the world 42% ▪ 80% of planned FPSOs ar
Slide 22: 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 16 100% Contracted demand for 35 2026 is at a 10-year high 14 14 90% 30 80% 2 70% 25 14 12 7 9 60% 9 2 6 20 9 50% 10 6 8 9
Slide 23: Brazil's FPSO growth a key market driver
Brazil’s P growth a key market driver Number of floating production units1 in Brazil Tight accommodation market balance in Brazil Potential Firm Petrobras Brazil firm & forecast demand endering Firm Other Operator Forecast Petrobras n order Forecast Other Operator Vessel Deployment xisting 4 3 4 5 4
Slide 24: 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 and increasing day-rates from 2027 200 000 Notos increase ▪ New tenders and contracts from
Slide 25: Global demand increasing
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 i
Slide 26: 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 27: Summary / investment case
Summary / investment case
Slide 28: Outlook and guidance
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
Slide 29: Mark-to-market NIBD/EBITDA potential close to 2x
Mark-to-market NIBD/EBITDA potential close to 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 units 25 - 26 6,0 5,9x # vessels in B
Slide 30: 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 , x , x ∼1,000 - ∼1,250 , x ∼350 - ∼550 ∼350 llustrative B potential urrent Broker values eplacement ost from 30 Source: Prosafe, independent brokers. Replacement cost estim
Slide 31: Investment highlights
Investment highlights Leading operator of Substantially Improving market Leading position in New management and high-end offshore deleveraged balance fundamentals, Brazil, with backlog board in place to drive accommodation sheet - positioned for re-contracting at extending into 2030 growth and stake
Slide 32: Appendix
Appendix
Slide 33: Income statement
Income statement perating revenues , perating expenses epreciation ▪ Lower interest expense reflects lower mpairment interest rate environment (lower SOFR) nterest income ▪ Other financial items include USD 181.8 nterest expenses million recapitalisation gain ther financial items P axes P P 33
Slide 34: Balance sheet
Balance sheet essels ew builds ther non current assets ccounts and other receivables ▪ Cash position of USD 83.3 million ther current assets ▪ Total assets of USD 501.5 million ash and deposits ▪ Equity of USD 136.3 million after recapitalisation hare capital ▪ Other current assets increase reflects
Slide 35: 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 36: New debt profile
New debt profile 2 Main Tranches ’ 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 of 6.67%3 SOFR +
Slide 37: 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 38: 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 Head office: Ruseløkkveien 30 N-0251 Oslo Norway prosafe.com