Slide 1: Q4 2024 Results
Q4 2024 (Apr 5th, 2024 @ 13:47): PN: New image Results 31 January 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 Q4 2024
Key events Q4 2024 Operations and HSSE Good operating and safety performance on all vessels 57% fleet utilisation. Four out of seven vessels with 100% utilisation in the quarter Safe Zephyrus extension to Q3 2027 finalised Year-end backlog of USD 370 million, +44% YoY increase Financials Q
Slide 4: Zephyrus extension finalised, increased visibility into 2027
Zephyrus extension finalised, increased visibility into 2027 Vessel 2024 2025 2026 2027 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Safe Zephyrus Petrobras (Brazil) Petrobras (Brazil) Safe Eurus Petrobras (Brazil) Safe Notos Petrobras (Brazil) Petrobras (Brazil) Safe Concordia US Gulf of Mexico
Slide 5: Market
Market 5
Slide 6: Brazil employing ~50% of global fleet and growing
Brazil employing ~50% of global fleet and growing Norway: 3 vessels UK: 2 vessels Safe Caledonia - Ithaca USA: 1 vessel Safe Concordia - Undisclosed Guyana: 1 vessel Australia: 2 vessels Brazil: 11 vessels Safe Boreas – Undisclosed Safe Zephyrus - Petrobras Africa: 2 vessels Safe Notos - Petrobras S
Slide 7: Strong Brazil demand confirmed
Strong Brazil demand confirmed Brazil activity (FPSO unit growth) Recurring demand from FPSO market continues to drive Maintenance & Safety Unit (UMS) demand with 25-50% Forecast growth by 2030 from Petrobras and others Existing On-order Potential Total +26 91 Recent tender finalised and Zephyru
Slide 8: New Brazil tenders will absorb further high-end capacity
New Brazil tenders will absorb further high-end capacity High-end accommodation units in short supply in Brazil Petrobras tender for up to five UMS Firm Petrobras Firm Other Operator Forecast Petrobras Forecast Other Operator ‒ 4-year durations with start-up in 2026 18 ‒ Requirement for high-end u
Slide 9: Operations
Operations 9
Slide 10: Stable operations
Stable operations Caledonia Scandinavia Boreas Safe operations with no recordable injuries 100% utilisation on all three vessels working for Petrobras in Brazil Concordia 100% utilisation for Safe Concordia Zephyrus ‒ On contract in US Gulf of Mexico to early March ‒ Monitoring market opportun
Slide 11: Backlog increased and extended into 2027
Backlog increased and Order backlog (USD million) 400 370 extended into 2027 257 220 323 37 105 35 36 19 100 7 7 334 Backlog of USD 3701) million including 238 260 213 options per Q4 2024 179 44% increase from end-2023 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 ‒ Awards for Safe Caledonia and Safe Boreas Bac
Slide 12: Financials
Financials 12
Slide 13: Refinancing process ongoing
Refinancing process ongoing Indicative refinancing need in 2025 (USD million) Discussions ongoing between company and lenders 450 Indicative refinancing requirement of ~70 ~40 ~400 ~USD 400 million including USD 343 million in debt 400 maturities and additional liquidity to support rig re- (47)
Slide 14: Operating revenues
Operating revenues Operating revenues and EBITDA (USD million) YoY improved operating revenue reflects four operating vessels for the full quarter compared 45 to three in part of Q4 2023 35 1 2 1 1 Charter income of USD 34.6 million and other 1 33 33 34 35 income of USD 2.4 million 25 29 ‒ Chart
Slide 15: Income statement
Income statement EBITDA (Operating result before (Unaudited figures in USD million) Q4 24 Q4 23 12M 24 12M 23 depreciation) increase vs Q4 2023 largely Operating revenues 37.0 29.6 139.8 97.7 due to increased utilisation, contract fee Operating expenses (32.1) (32.3) (116.0) (108.2) and phasing of
Slide 16: Balance sheet
Balance sheet (Unaudited figures in USD million) Vessels 12M 24 364.9 12M 23 383.7 Other non-current assets 4.3 1.8 Total non-current assets 369.2 385.5 Other current assets 35.1 32.6 Cash and deposits 46.8 74.6 Total assets of USD 451.1 million Total current assets 81.9 107.2 Cash position of U
Slide 17: Cash flow
Cash flow Cash flow in the quarter (USD million) EBITDA USD 5.0 million Working capital change due to Safe Boreas 64 and Safe Caledonia SPS/reactivation 5 (4) 0 Capex of USD 8 million (8) 47 Interest and refinancing cost of USD 8 (8) (2) million Cash position of USD 46.8 million1 Cash EBIT
Slide 18: Summary and outlook
Summary and outlook 18
Slide 19: 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 Focus on achieving Improved earnings potential, sustainable capital favourable replacement in H1 2025 valu
Slide 20: Appendix
Appendix 20
Slide 21: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows (Unaudited figures in USD million) Q4 24 Q4 23 12M 24 12M 23 Loss before taxes (11.2) (21.2) (39.6) (73.2) Depreciation 9.0 9.9 33.0 31.1 Financial income (1.0) (0.5) (2.3) (2.1) Financial costs 7.4 8.0 31.1 30.9 Share-based payment expense 0.3
Slide 22: Interim condensed consolidated statement of comprehensive income
Interim condensed consolidated statement of comprehensive income (Unaudited figures in USD million) Q4 24 Q4 23 12M 24 12M 23 Net loss for the period (11.0) (14.7) (41.8) (67.8) Foreign currency translation (1.5) 0.6 (1.2) 1.3 Pension remeasurement (0.1) (0.1) (0.1) (0.1) Other comprehensive income
Slide 23: Interim condensed consolidated statement of changes in equity
Interim condensed consolidated statement of changes in equity (Unaudited figures in USD million) Q4 24 Q4 23 12M 24 12M 23 Equity at beginning of period 4.0 13.1 33.8 37.3 Revised equity at beginning of period 4.0 13.1 33.8 37.3 Share based payment 0.3 0.3 1.0 0.4 New share issue 0.0 34.6 0.0 62.7 C
Slide 24: Vessel update - Brazil
Vessel update - Brazil Safe Eurus Safe Notos Safe Zephyrus DP3 – Worldwide1 DP3 – Worldwide1 DP3 - Worldwide Contracted to Petrobras until Q1 2027 Contracted to Petrobras until Q3 2026 Contracted to Petrobras until September 2027 98% utilisation in 2024 100% utilisation in 2024 99% utili
Slide 25: Vessel update – North Sea and rest of world
Vessel update – North Sea and rest of world Safe Boreas Safe Caledonia Safe Concordia Safe Scandinavia DP3 - Worldwide TAMS - UK North Sea DP2 – Worldwide2 TSV/accommodation - UK / NCS Contract signed for operations in Contract signed for UK. Start-up June Firm contract extended to early Ten
Slide 26: 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) ~30k Depreciation ~35-37 Straight line depreciation Braz
Slide 27: Outstanding debt
Outstanding debt Three Tranches of Debt 2 Main Tranches COSCO Sellers Credit Debt maturity profile Outstanding debt $343m (two tranches 250m & 93m Notos) $78.5m Pledged vessels Boreas, Zephyrus, Caledonia, Concordia, Eurus Scandinavia, Notos (only 93m tranche) COSCO Interest rate SOFR + Credit Adjus
Slide 28: Two newbuilds available at yard
Two newbuilds available at yard Only two DP3 newbuild semis available at yard ‒ 500 POB and suited for Brazil requirements ‒ Ongoing dialogue with the yard on how to facilitate delivery in expected future Petrobras tenders ‒ Long-term contracts required to justify delivery Existing delivery terms
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 1.7 billion as at end 2023. 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 UK, Brazil and Singapore
We are headquartered in Norway and have offices in the UK, Brazil and Singapore prosafe.com