Slide 1: Q1 2025 Results
Q1 2025 (Apr 5th, 2024 @ 13:47): PN: New image Results 21 May 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: Key events Q1 2025
Key events Q1 2025 Operations and HSSE Good operating performance Safe Zephyrus extended with Petrobras to Q3 2027 Sale of Safe Concordia and Safe Scandinavia Safe Caledonia re-activated for UK contract with start 1 June Safe Boreas in transit to Singapore ahead of Australia contract Saf
Slide 4: Significant de-leveraging and funding to support business
Significant de-leveraging and funding to support business Equitisation of USD 193 million of debt for 90% of the Debt profile post recapitalisation (USD million) shares in the company Supported by lenders representing the USD 250 million 420 and USD 93 million loan facilities and EGM on 16 May
Slide 5: Safe Notos declared winner in recent 4-year Petrobras tender
Safe Notos declared winner in recent 4-year Petrobras tender Vessel 2025 2026 2027 2028 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Safe Zephyrus Petrobras (Brazil) Safe Eurus Petrobras (Brazil) Safe Notos Petrobras (Brazil) Petrobras (Brazil) Petrobras (Brazil) - 2030 1) Safe Boreas Stand by Austr
Slide 6: Market
Market 6
Slide 7: Brazil largest market followed by North Sea and West Africa
Brazil largest market followed by North Sea and West Africa Global competitive accommodation fleet per May 2025 Europe 4 2 SS JU Asia 3 1 Africa SS CYL 2 1 1 SS Mono CYL Australia 1 South America 7 SS 3 2 SS Mono CSS SS = Semi-submersible; JU = Jack-up; Mono = Monohull, ship shape; CSS = Compact sem
Slide 8: High tendering activity driving incremental supply additions
High tendering activity driving incremental supply additions Vessel name Hull form Previous Classification Current Classification Prosafe largest operator: Safe Boreas Semi-sub Active Active Safe Caledonia Semi-sub Active Active ~20% of active fleet Safe Eurus Semi-sub Active Active Safe Notos S
Slide 9: Rates have continued to trend higher, Brazil delivering long-term work
Rates have continued to trend higher, Brazil delivering long- term work Average contract rates – North Sea Average contract rates – Brazil 400 000 400 000 350 000 350 000 300 000 300 000 250 000 250 000 200 000 200 000 Safe Notos 150 000 150 000 100 000 100 000 50 000 50 000 0 0 Oct-06 Jul-09 Apr-12
Slide 10: Brazil awards driving global market
Brazil awards driving global market Accommodation market awards1 Petrobras tender for up to five UMS1 ‒ 4-year durations with start-up in 2026 Estimated 2023: 2024: ‒ Requirement for high-end units 2025: ‒ Safe Notos declared winner, start-up aligned with completion of current contract in 2026 ‒ E
Slide 11: Operations
Operations 11
Slide 12: Stable operations
Stable operations Caledonia Boreas Safe operations with no recordable injuries in Q1 ‒ One LTI in April in Brazil 99% utilisation on all three vessels working Zephyrus for Petrobras in Brazil Safe Concordia on contract until early March Eurus Notos and subsequently delivered to buyer Safe Sc
Slide 13: Backlog into 2030
Backlog into 2030 Order backlog (USD million) 545 400 370 204 323 105 36 37 36 220 35 100 7 Declared winner in Petrobras tender with 7 334 305 Safe Notos, subject to final award 213 179 260 ‒ 1,460-day contract from September 2026 adding USD 204 million of backlog Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Bac
Slide 14: Financials
Financials 14
Slide 15: Operating revenues
Operating revenues Operating revenues and EBITDA (USD million) Charter income of USD 32.0 million and other income of USD 1.0 million 40 ‒ Decrease in charter income due to Safe Concordia 1 finalising contract 1 1 1 35 1 34 33 33 ‒ Partly offset by increased rate for Safe Zephyrus 30 32 from Febru
Slide 16: Income statement
Income statement (Unaudited figures in USD million) Q1 25 Q1 24 12M 24 Decline in operating profit driven by Q1 Operating revenues 33.0 34.0 139.8 2024 fuel adjustment and lower revenue Operating expenses (28.4) (26.8) (112.6) Operating results before depreciation 4.6 7.2 27.2 Lower interest exp
Slide 17: Balance sheet
Balance sheet (Unaudited figures in USD million) Q1 25 Q1 24 12M 24 Vessels 365.1 377.7 356.5 New builds 0.0 0.0 0.0 Property, plant and equipment 4.4 1.9 4.3 Total non-current assets 369.5 379.6 385.5 Cash position of USD 54.0 million Cash and cash equivalents 54.0 63.4 46.8 Total assets of USD
Slide 18: Cash flow
Cash flow Cash flow in the quarter (USD million) EBITDA USD 4.6 million Proceeds of USD 5.8 million from sale of Safe Concordia (5) 54 (2) 6 Capex of USD 21 million mainly related to 47 5 Safe Boreas and Safe Caledonia Working capital1 change due to Safe Boreas (21) 24 and Safe Caledonia SPS
Slide 19: Summary and outlook
Summary and outlook 19
Slide 20: Summary
Summary Market leader with Positioned for long-term significant share of capacity value creation driven by in a tightening market and Brazil demand access to newbuilds with attractive lead time Agreed recapitalisation Increased backlog at improved day rates 20
Slide 21: Appendix
Appendix 21
Slide 22: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows (Unaudited figures in USD million) Q1 25 Q1 24 12M 24 Loss before taxes (14.7) (7.6) (39.6) Depreciation 7.9 7.6 33.0 Financial income (0.2) (0.4) (2.3) Financial costs 6.9 7.9 31.1 Share-based payment expense 0.2 0.3 1.0 Change in working capit
Slide 23: Interim condensed consolidated statement of comprehensive income
Interim condensed consolidated statement of comprehensive income (Unaudited figures in USD million) Q1 25 Q1 24 12M 24 Net loss for the period (14.9) (8.6) (46.7) Foreign currency translation 0.7 (0.2) (1.2) Pension remeasurement 0.0 0.0 (0.1) Other comprehensive income 0.7 (0.2) (1.3) Total compreh
Slide 24: Interim condensed consolidated statement of changes in equity
Interim condensed consolidated statement of changes in equity (Unaudited figures in USD million) Q1 25 Q1 24 12M 24 Equity at beginning of period (13.2) 33.8 33.8 Revised equity at beginning of period (13.2) 33.8 33.8 Share based payment 0.0 0.3 1.0 New share issue 0.0 0.0 0.0 Comprehensive income f
Slide 25: 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, subject Contracted to Petrobras until September 2027 to final award 99% utilis
Slide 26: 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 Contracted in Australia -15 months firm with up to 6 Contracted to Ithaca Energy in the UK Only two DP3 newbuild semis available at yar
Slide 27: Analytical information
Analytical information Expenditure information Indicative opex/day by region Item 2025 Comment Region 2025 Opex Estimated Estimated (USDm) (USDk/day) SG&A1 ~20-21 SG&A increase driven by increased activity and inflation UK (Moored – Caledonia) ~30-35k Depreciation ~35-37 Straight line depreciation B
Slide 28: Debt profile post-recapitalisation
Debt profile post-recapitalisation 2 Main Tranches Eurus Seller’s Credit Tranche Super Senior Secured Senior Secured Outsanding debt USD 150m (of which USD 75m is new money) + USD 75m USD 77m1 USD 5m exit fee Pledged vessels Safe Boreas, Safe Zephyrus, Safe Caledonia, Safe Notos Safe Eurus Interest
Slide 29: 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. The deferred tax assets are currently not recognized in the financial statements. In Q4 2023, the Norwegian tax auth
Slide 30: We are headquartered in Norway and have offices in the Brazil, Singapore and UK
We are headquartered in Norway and have offices in the Brazil, Singapore and UK prosafe.com