Prosafe (PRS) Company presentation summary

Investment highlights

• Holds a leading position in high-end offshore accommodation vessels with a 20% market share in Brazil and a global presence.

• Substantially deleveraged balance sheet and positioned for growth in a fragmented market.

• Improving market fundamentals with significant earnings uptick from re-contracting and backlog extending into 2030.

• New management and board in place to drive growth and stakeholder returns.

Fleet and contract overview

• Operates five high-end accommodation vessels, all contracted through 2027, with two vessels in Brazil on long-term contracts at higher dayrates.

• Backlog has quadrupled since the market trough, nearing a 10-year high, and extends into 2030.

• Safe Boreas and Safe Caledonia reactivated with new contracts; Safe Notos and Safe Eurus contracted in Brazil and Australia, respectively.

• Limited uncontracted supply of high-end units in the market, supporting high utilization rates.

Financial performance and capital structure

• Q3 2025 net profit of USD 176.2 million, driven by a USD 181.8 million recapitalization gain.

• Net interest-bearing debt reduced to USD 214 million, with liquidity of USD 83 million and sustainable capital structure.

• USD 75 million in new liquidity and extended maturities; equitization of USD 193 million of debt for shares.

• 2025 EBITDA guidance reiterated at USD 35-40 million, with potential to reach USD 90-100 million from 2028.