Prosafe SE

Report Publication Announcement • May 21, 2025

Prosafe SE: First-quarter results 2025

Prosafe SE: First-quarter results 2025

(Figures in brackets refer to the corresponding period last year)

21 May 2025 - Prosafe SE reported EBITDA of USD 4.6 million (USD 7.2 million)

for the first quarter of 2025. The company had four active vessels during the

quarter.

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

* Safe Notos declared winner of Brazil 4-year tender

Q1 financials

* Revenues of USD 33 million (USD 34 million) and EBITDA of USD 4.6 million

(USD 7.2 million)

* Cash flow from operations of USD 28.4 million (negative USD 1.4 million)

including contract prepayments for Safe Boreas and Safe Caledonia

* Capex of USD 21.2 million (USD 1.7 million) due to reactivation of Safe

Boreas and Safe Caledonia

* Liquidity position of USD 54 million, compared to USD 46.8 million at year-

end 2024

Recapitalisation

* Terms agreed for equitisation of USD 193 million of debt for 90% of the

shares in the company

* Supported by lenders representing the USD 250 million and the USD 93 million

loan facilities and approved by Prosafe shareholders at the extraordinary

general meeting on 16 May

* Existing shareholders to retain 5% ownership with penny warrants for further

5% at EUR 0.01 per share

* Transaction provides a sustainable capital structure and sufficient

liquidity to meet capital expenditure and working capital needs for the

foreseeable future

* Estimated post recapitalization net debt of USD 220 million

* Expected completion in Q3 2025

Market and outlook

* Ongoing Petrobras tenders confirm strong market fundamentals in Brazil

* North Sea operators continue to plan for future campaigns with focus on

2027 and beyond

* Increased backlog, improved market and recapitalisation positions Prosafe

for improved earnings

Please see the Q1 2025 presentation for further details.

Terje Askvig, the CEO of Prosafe, says, "Operationally, we maintain high

utilisation on our active fleet, while making good progress on preparing for new

contracts in Australia and the UK. We also continue to build backlog with Safe

Notos recently named winner, subject to final contract, of a 4-year tender with

Petrobras in Brazil. We are also very pleased with the support shown by our

lenders and shareholders through the agreed refinancing which will create a

sustainable capital structure going forward and ensure that Prosafe continues to

be the world's leading provider of floating accommodation vessels and Units for

Maintenance and Safety (UMS)."

Presentation

Terje Askvig, CEO, and Reese McNeel, CFO, will present the results at Pareto

Securities, located at Dronning Mauds gate 3, 0115 Oslo, on 21 May 2025 at

10:00 CEST.

This presentation is open to the public and will be live-streamed on Prosafe's

website.

https://wwww.prosafe.com

It will be possible to ask questions during the presentation by using the Q&A

tool embedded in the audiocast. These questions will be answered after the

presentation.

A replay of the audiocast will be made available on Prosafe's website shortly

after.

The Q1 2025 press release and presentation is attached and can be downloaded

from https://www.prosafe.com and www.newsweb.no (https://www.newsweb.no). The

2024 annual report was published on 30 April 2025.

Prosafe is a leading owner and operator of semi-submersible accommodation

vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.

For more information, please refer to www.prosafe.com (https:///www.prosafe.com)

For further information, please contact:

Terje Askvig, CEO Phone: +47 952 03 886

Reese McNeel, CFO Phone: +47 415 08 186

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.