Prosafe SE

Investor Presentation • Sep 10, 2025

Pareto Securities' Energy Conference 2025

Company presentation

September 2025

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. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as "believe", "may", "will", "should", "would be", "expect" or "anticipate" or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans or intentions. Although we believe that the expectations reflected in such forward -looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation as anticipated, believed or expected. To the extent this information includes information sourced from third parties, such as concerning the industry in which Prosafe operates, has not prepared such information and assumes no responsibility for it. Prosafe does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this presentation to reflect subsequent events or circumstances.

A leader in offshore accommodation

Market leader in tightening market

3

All high-end units contracted in 2026

Backlog growth to 2030 at higher rates

Sustainable capital structure

Explore strategic opportunities/M&A and enhance efficiency

Prosafe in brief

• Owner of 5 accommodation vessels
• Largest operator with ~20% global market share
• Backlog in Brazil extending into 2030
• All vessels contracted
• Improving market outlook driven by Brazil
• Headquartered in Norway with operations in Brazil, UK and Australia

All high-end units contracted through 2026, backlog into 2030

Demand growth driven by Brazil followed by Australia and West Africa

Global competitive accommodation fleet per June 2025 – Total supply steady at 31 vessels

SS = Semi-submersible; JU = Jack-up; Mono = Monohull, ship shape; CSS = Compact semi-submersible; CYL = Cylindrical

New tenders expected in Brazil amid higher dayrates

Average contract rates – Brazil

Average contract tenor L3Y: 26 months to 4 years

• Petrobras dominating contracting in 2025
  • ‒ 3 long-term, 4-year contracts awarded in tender for up to 5 UMS1, including Safe Notos
  • ‒ Significant increase in day rates to near historical highs at >140k
  • ‒ Additional lower-specification unit awarded contract
• Increased activity among independent oil and gas producers and leading FPSO providers in Brazil
  • ‒ Brava tendering for a UMS in 2026
  • ‒ Karoon awarded contract for 2026
  • ‒ Demand from SBM, Modec and Yinson
• New tenders from Petrobras and others expected late 2025 and into 2026

Brazil activity is rising along with growth in FPSO fleet

Number of floating production units1 in Brazil

• Demand driven by installed FPSO-base
• Petrobras plan 25 new production units by early 2030s, mostly FPSOs
• Maintenance required after 2 5 years, new and large FPSOs favour high-end rigs

Tight accommodation market balance in Brazil

• Brazil absorbing more vessels driven by Petrobras demand and from independent E&Ps and FPSO operators
• Significant contracting activity expected to fill uncontracted requirements, cementing the new rate levels

FPSO growth the main demand driver also outside Brazil

The FPSO market1 is growing into other regions

• Brazil has 42% of all FPSOs on order today
• Rest of World has 80% of all planned FPSOs
• Multiple tenders and opportunities outside Brazil
  • ‒ Multi-year requirement in Guyana and West Africa
  • ‒ Three tenders in West Africa, with further prospects maturing
  • ‒ Opportunities in Norway for 2027 and onwards
  • ‒ Limited UK sector activity
• Longer-term shift towards more projects in new markets
  • ‒ South America outside Brazil
  • ‒ West Africa
  • ‒ Gulf of America
  • ‒ Harsh environment locations NW Europe/Canada
  • ‒ Australia and Asia

Rates continue to trend higher across all markets

Average contract tenor L3Y: 6 months Average contract tenor L3Y: 5 months

Average contract rates – North Sea Average contract rates – Rest of World

Material progress last 12 months

• Strong operational performance with consistent 99% utilisation
• USD ~200 million backlog increase, extending into 2030

• 4x increase in annual vessel EBITDA on recent 4-year Brazil contract

• Safe Caledonia and Safe Boreas reactivated
• Divested 2 legacy assets
• Sustainable capital structure established

Order backlog (USD million)

Annual vessel EBITDA Safe Notos (USD million)

Illustrative earnings potential in an improving market

USD million	2025 guidance	Potential from 20281
EBITDA/vessel High-end units # vessels in Brazil/RoW		25 - 26 4
Safe Caledonia		10 – 15
EBITDA		110 – 120
Selling, General & Administrative (SG&A)2		(20)
Illustrative EBITDA	35 - 40	~90 – 100

Notos day-rate increase ~85%, current Brazil run rate EBITDA in range of ~USD 28 million

Annual EBITDA potential Post recapitalisation NIBD of USD 220m3 vs. EBITDA potential

1) Potential given fleet re-priced to current market day rate of USD 140k/day in Brazil at varying utilisation levels from 2028. Assumes current fleet

2) Target SG&A run rate

Attractive enterprise value of USD ~350 million post refinancing

Asset valuation relative to broker and replacement cost1

• Broker valuations reflect asset backing to EV
• Trading at ~30% to historical newbuild cost

Outlook

• All high-end vessels on contract in 2026 and backlog to 2030
  • ‒ Increased EBITDA contribution from Safe Zephyrus, Safe Notos and Safe Boreas
  • ‒ Safe Caledonia on contract to December with options into early 2026
• Strategic priorities
  • ‒ Continue providing world class, safe offshore accommodation
  • ‒ Secure backlog beyond 2027
  • ‒ Become the most efficient provider in market
  • ‒ Capital discipline
  • ‒ Explore strategic opportunities / M&A

Investment highlights

Market leader in tightening market

All high-end units contracted in 2026

Backlog growth to 2030 at higher rates

Sustainable capital structure

Explore strategic opportunities / M&A and enhance efficiency

Appendix

Ambition to become the most efficient operator

Operating cost base2 optimisation

SG&A1 cost development (USDm)

• Enhance operational efficiency
  • ‒ 40% of spend on maintenance and repair
  • ‒ Maintenance and inventory optimisation
  • ‒ Procurement optimisation
• Align organisation to fit changing market
  • ‒ Invest in Brazil
  • ‒ Centralise administrative functions
  • ‒ Align headcount to operational needs
  • ‒ Further opportunities being explored

Significant de-leveraging and funding to support business

• Equitisation of USD 193 million of debt for shares
• USD 75 million in new liquidity and extended maturities
• Post recapitalisation NIBD USD ~220 million and liquidity of USD ~90 million
• Sustainable capital structure with liquidity to meet capex and working capital needs

Debt profile post recapitalisation (USD million)1

Vessel update - Brazil

Safe Eurus DP3 – Worldwide excluding NCS1

• Contracted to Petrobras until Q1 2027
• 99% utilisation YTD 2025
• Next SPS in 2028
• Additional spend in 2027 between contracts

Safe Notos DP3 – Worldwide excluding NCS1

• Contracted to Petrobras until Q3 2030
• 99% utilisation YTD 2025
• 60 day off-hire period now planned for SPS, thruster overhaul and contract modifications in Q1 2026

Safe Zephyrus DP3 – Worldwide

• Contracted to Petrobras until September 2027
• 99% utilisation YTD 2025
• Next SPS planned in late Nov 2025 to early Jan 2026
• Thruster overhauls to be undertaken in conjunction with SPS in 2025 and post contract in 2027

Vessel update - Rest of world

Safe Boreas DP3 – Worldwide

• Contracted in Australia -15 months firm with up to 6 months of options
• Arrived in Singapore on 18 July
• Start-up between 16 November and 15 December 2025. Standby rate from September
• Contract value from USD 75 million to USD 100 million subject to options

Safe Caledonia TAMS2 - UK North Sea

• On Contract to Ithaca Energy in the UK since 02 June 2025
• 6 months firm to December 2025 with up to 3 months options thereafter
• 100% utilisation since contract start
• Contract value from USD 26 million to USD 37 million depending on options

Safe Nova/Safe Vega (undelivered) DP3 – Worldwide excluding NCS1

• Only two DP3 semis available at yard
• 500 POB and suited for Brazil requirements

We are headquartered in Norway and have offices in the Brazil, Singapore and UK

Head office:

Ruseløkkveien 30 N-0251 Oslo Norway

prosafe.com