Prosafe SE

Share Issue/Capital Change • Jul 21, 2025

Prosafe SE: Recapitalization complete, new share capital registered and forward looking statements

Prosafe SE: Recapitalization complete, new share capital registered and forward looking statements

Reference is made to the stock exchange announcement published by Prosafe SE

("Prosafe" or the "Company") on 24 April 2025 where it was announced that

Prosafe had agreed the terms of a recapitalization (the "Recapitalization")

which, inter alia, includes a recapitalization of USD 193 million into

321,635,718 new shares in the Company (the "New Shares") and an offering of up

to 17,868,651 warrants to shareholders in the Company as of 16 May 2025 as

registered in the Euronex Securities Oslo VPS on the record date 20 May 2025

(the "Warrants"), subject to final approval being obtained by all lenders.

Reference is further made to the announcement published by the Company on 18

July 2025 regarding approval and publication of a prospectus in relation to

issuance of the New Shares and offering of Warrants.

Registration of the New Shares issued following conversion of USD 193,000,000 of

debt into equity has as part of the completion of the Recapitalization been

registered with the Norwegian Register of Business Enterprises.

The Company's registered share capital has consequently increased by EUR

3,216,357.18, from EUR 178,686.51 to EUR 3,395,043.69, by issuance of

321,635,718 new shares, each with a nominal value of EUR 0.01.

The Company's new registered share capital is EUR 3,395,043.69 divided into

339,504,369 shares, each with a nominal value of EUR 0.01.

Prosafe is pleased to announce that the Recapitalization is now effective. The

Recapitalization significantly improves Prosafe's financial position, providing

fresh liquidity and a reduction in debt of USD 193 million.

Prosafe maintains a positive outlook with new contracts recently secured and

improved activity on the back of vessel re-activations. Prosafe recently

announced the award of a new 4-year contract for the Safe Notos at a

significantly improved day rate of approximately USD 140k/day. The Safe

Caledonia started its contract with Ithaca in the UK North Sea on 2 June 2025

and Safe Boreas has arrived in Singapore ahead of the upcoming contract in

Australia which has a start-up window between 15 November 2025 and 15 February

The Company would like to extend a warm welcome to the new Board of Directors

elected at the Company's annual general meeting held on 21 May 2025. The Company

would also like to thank the departing board for all of their work, dedication

and support over the past several years.

The Company expects unrestricted liquidity (excluding restricted cash and cash

held in New Group) of approximately USD 90 to 100 million and headroom against

the new USD 20 million covenant of approximately USD 70 to 80 million at the

date of the Recapitalization.

Forward Looking Statement:

Prosafe takes the opportunity to provide guidance for the full year 2025 EBITDA

which is anticipated to be in the range of USD 35 - 40 million.  This assumes

successful completion of the Safe Boreas re-activation prior to end Q3 2025,

planned Special Periodic Surveys (SPS) and related off-hire periods for Safe

Zephyrus and Safe Notos during Q3 and Q4 2025 as well as the successful

completion of the Safe Caledonia contract. Reference is made to the Q1

presentation published on 21 May 2025 regarding current contracts, anticipated

capital expenditure and costs.

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 of the Norwegian Securities Trading Act and the requirements of Oslo Børs'

Continuing Obligations.