Slide 1: Q2 and first half 2026 results
Q2 and first half (Apr 5th, 2024 @ 13:47): PN: New image 2026 results 28 August 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: 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 4: Key events
Key events ▪ 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 mil
Slide 5: Fleet overview
Fleet overview e e 2 2 2 27 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 5
Slide 6: Market
Market 6
Slide 7: 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 8: Brazil largest market followed by North Sea
Brazil largest market followed by North Sea Global competitive accommodation fleet per August 2026 – Total supply steady at 31 vessels1 Europe 3 1 1 SS JU CSS North America Asia 1 1 2 1 1 1 SS JU Africa 20% 1 1 1 SS Mono CSS CYL Prosafe market SS Mono CYL share in Brazil South America Australia SS:
Slide 9: 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 10: Tightest market in a decade
Tightest market in a decade Annual Utilisation and Fleet Supply, firm contracts only 1 Recontracting expected to boost utilisation from 2027 80% 35 ▪ Contracted demand for 2026 up ~20% y-o-y with High-end Utilisation backlog building for 2027 70% Low-end Utilisation 30 ▪ High-end units with better u
Slide 11: Further contracting expected in Brazil
Further contracting expected in Brazil • 11x vessels off contract in 2027 and 2028 ctivity afe urus etrobras kd • 8x vessels completing contract in 2027 loatel ictory uinor rava • 3x recontracted so far1 loatel riumph ustralia ra il iradentes etrobras kd kd • LoI awarded to Floatel Triumph for Q1 20
Slide 12: Well positioned to benefit from increased day-rates in Brazil
Well positioned to benefit from increased day-rates in Brazil Average contract rates – Brazil ▪ Safe Eurus and Safe Zephyrus well placed to benefit from increasing day-rates from 2027 200,000 Notos increase ▪ ecent tenders by etrobras focused on ‘low spec’ units; 75k to 140k/day ‘high spec’ tenders
Slide 13: Rates continue to trend higher across all markets
Rates continue to trend higher across all markets North Sea contract rates Rest of World contract rates (excl. North Sea/Brazil) 400,000 400,000 350,000 350,000 ▪ Rest of World pricing converged to North Sea levels with high demand 300,000 300,000 and limited global supply 250,000 250,000 ▪ Day rate
Slide 14: Operations
Operations 14
Slide 15: Stable operations
Stable operations Caledonia ▪ 71% fleet utilisation ▪ Safe Boreas and Safe Eurus at ~100% utilisation Zephyrus ▪ Safe Notos and Safe Zephyrus back on hire Boreas in April after completing SPS on time and budget Eurus Notos ▪ Safe Boreas on full dayrate after gangway connection on 3 April, marking st
Slide 16: Backlog stable at a higher level
Backlog stable at a Historical Order backlog (USD million) higher level ptions irm ▪ 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 Expected ph
Slide 17: Financials
Financials 17
Slide 18: EBITDA tripled YoY
EBITDA tripled YoY Operating revenues and EBITDA (USD million) ▪ Charter income up 24% YoY to USD 36 million 80 71 ‒ Safe Boreas on full day-rate for entire quarter 70 ‒ Partly offset by SPSs in Brazil 60 20 53 ▪ Other income of USD 11 million 50 48 47 11 51 ‒ Safe Boreas reimbursements with limited
Slide 19: Income statement
Income statement (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) ▪ On track for 2026 SG&A target of USD 19 Operating results before depreciation 9.7 3.1 40.0 million Depreciation (8.0) (7.9) (32.6) ▪ Net loss of USD 6.
Slide 20: Cash flow
Cash flow Cash flow in the quarter (USD million) ▪ 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
Slide 21: Strengthened balance sheet
Strengthened balance sheet Liquidity position1 NIBD and NIBD/LTM EBITDA2 Equity ratio 400 379 20 87 18x 29% 18 27% 28% 83 350 27% 16 300 65 14 247 250 231 12 52 214 210 45 200 10 8 150 8x 6 100 6x 4 4x 4x 50 2 -11% 0 0 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q
Slide 22: Capital structure
Capital structure Current debt profile (USD million)1 ▪ urus eller’s redit: U 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 facility
Slide 23: Summary and outlook
Summary and outlook 23
Slide 24: Mark-to-market EBITDA uplift potential of 75% and NIBD/EBITDA reduction towards 2.5x
Mark-to-market EBITDA uplift potential of 75% and NIBD/EBITDA reduction down towards 2.5x Illustrative annual EBITDA potential Q2 2026 NIBD of USD 247m vs. EBITDA potential LTM Q2 Potential USD 57m ~USD 90 - 100m USD million 2026 from 20281 LTM EBITDA EBITDA EBITDA/vessel High-end units 25 - 26 4.3x
Slide 25: 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) x x ∼1,000 - ∼1,250 x ∼350 - ∼550 ∼450 llustrative potential urrent roker values eplacement ost from 25 Source: Prosafe, independent brokers. Replacement cost estimat
Slide 26: Outlook and guidance
Outlook and guidance ▪ 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
Slide 27: Appendix
Appendix 27
Slide 28: 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 29: Balance sheet
Balance sheet (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 ▪ Cash position of USD 52.3 million Accounts and other receivables 28.7 25.9 39.1
Slide 30: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows (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.
Slide 31: Interim condensed consolidated statement of comprehensive income
Interim condensed consolidated statement of comprehensive income (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 com
Slide 32: Interim condensed consolidated statement of changes in equity
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
Slide 33: Analytical information
Analytical information Expenditure information Indicative opex/day Item FY 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
Slide 34: 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 35: 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