Slide 1: Q2 and first half 2025 Results
Q2 and first half (Apr 5th, 2024 @ 13:47): PN: New image 2025 Results 22 August 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 Q2 2025
Key events Q2 2025 Operations, HSSE and Backlog Good operating performance Safe Notos signed with Petrobras until Q3 2030 at significantly higher day rate Safe Caledonia started UK contract on 2 June USD 518 million in backlog including options Financials Revenue of USD 30.9 million and EB
Slide 4: Significant de-leveraging and funding to support business
Significant de-leveraging and funding to support business Debt profile post recapitalisation (USD million)1 Recapitalisation completed 21 July 2025 Equitisation of USD 193 million of debt for 90% of 419 the shares in the company 93 Existing shareholders retained 5% ownership 306 with penny war
Slide 5: Safe Notos confirmed for four-year Petrobras contract to 2030
Safe Notos confirmed for four-year Petrobras contract to 2030 - Firm/option - SPS/Contract preparation - Subject to award 5 1) Safe Boreas start-up window in Australia from mid November 2025 to mid December 2025
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 June 2025 – Total supply steady at 31 vessels Europe 2 2 SS JU Middle East North America 1 2 Asia CYL 6 SS 1 1 SS CSS CYL Africa 2 Prosafe largest operator: Mono ‒ ~20% of active fleet Australia
Slide 8: 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 Notos increase 250 000 250 000 75k to 139k/day 200 000 200 000 150 000 150 000 Safe Notos 100 000 100 000 50 000
Slide 9: Brazil continues to drive global market
Brazil continues to drive global market Accommodation market awards Petrobras tender for up to five UMS1 ‒ 4-year durations with start-up in 2026 Estimated ‒ Requirement for high-end units 2023: 2024: 2025: ‒ Safe Notos awarded contract, start-up aligned with completion of current contract in Sept
Slide 10: Operations
Operations 10
Slide 11: Stable operations
Stable operations Caledonia 99% utilisation on all three vessels working for Petrobras in Brazil Safe Caledonia commenced operations on the Captain field in UK on 2 June, 100% Zephyrus utilisation since gangway connected Boreas Safe Boreas arrived in Singapore on 18 July Eurus Notos ahead of A
Slide 12: Backlog into 2030
Backlog into 2030 Order backlog (USD million) 545 518 400 370 323 Safe Notos awarded USD 204 million Petrobras contract ‒ 1,460-day contract from September 2026 ‒ Direct continuation of current contract ‒ Day rate of USD 139k, up from USD 75k on current contract Backlog of USD 5181 million inclu
Slide 13: Financials
Financials 13
Slide 14: Operating revenues
Operating revenues Operating revenues and EBITDA (USD million) Charter income of USD 28.9 million and other income of USD 2.0 million 40 ‒ Decrease in charter income due to Safe 1 Concordia contract which ended in March 2025 1 1 35 1 34 33 ‒ Partly offset by increased day-rate for Safe 30 32 2 Zep
Slide 15: Income statement
Income statement Lower interest expense reflects lower interest rate environment (lower SOFR) Increase in other finance items relates mainly to advisor and legal costs related to the recapitalisation process of USD 12 million in Q2 and USD 16 million in H1 2025 15
Slide 16: Balance sheet
Balance sheet Cash position of USD 45.0 million Total assets of USD 456.6 million Equity of negative USD 51.2 million ‒ Recapitalisation restores equity from Q3 2025 Long-term debt reclassified as short-term due to Q4 2025 maturities, will be reclassified to long-term debt in Q3 with complet
Slide 17: Cash flow
Cash flow Recapitalisation completed post Q2 Cash flow in the quarter (USD million) ‒ Net debt of USD ~220 million post recapitalisation ‒ Liquidity post recapitalisation of USD ~90 million Capex of USD 14.0 million mainly related to Safe Boreas and Safe Caledonia Working capital change due to
Slide 18: Summary and outlook
Summary and outlook 18
Slide 19: Outlook and guidance
Outlook and guidance Positive outlook backed by recent contract awards and improved activity ‒ Significantly improved day rate on Safe Notos ‒ Safe Caledonia on contract with Ithaca in the UK North Sea ‒ Safe Boreas in Singapore ahead of upcoming Australia contract Full-year 2025 EBITDA expected
Slide 20: Illustrative earnings potential in an improving market
Illustrative earnings potential in an improving market Annual EBITDA potential Post recapitalisation NIBD of USD 220m3 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 Brazil/R
Slide 21: Attractive enterprise value
Attractive enterprise value ~USD 360 million post refinancing 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 ~350 400 140 200 220 0 EV Broker value
Slide 22: Summary
Summary Market leader with Positioned for long-term significant share of capacity value creation driven by in a tightening market Brazil demand Sustainable capital structure Increased backlog at after recapitalisation improved day rates 22
Slide 23: Appendix
Appendix 23
Slide 24: Interim condensed consolidated statement of cash flows
Interim condensed consolidated statement of cash flows
Slide 25: Interim condensed consolidated statement of comprehensive income
Interim condensed consolidated statement of comprehensive income 25
Slide 26: Interim condensed consolidated statement of changes in equity
Interim condensed consolidated statement of changes in equity
Slide 27: 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 100% utilisation in Q2’25 97% ut
Slide 28: 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 On Contract to Ithaca Energy in the UK since 02 June Only two DP3 newbuild semis a
Slide 29: 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 SG&A increase driven by increased activity and inflation UK (Moored – Caledonia) ~30-35k Depreciation ~35-37 Straight line depreciation B
Slide 30: 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 75.5m1 USD 5m exit fee Pledged vessels Safe Boreas, Safe Zephyrus, Safe Caledonia, Safe Notos Safe Eurus Interes
Slide 31: 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 32: 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