Prosafe (PRS) Pareto Securities' 32nd Annual Energy Conference Presentation summary

Market position and outlook

• Holds approximately 20% global market share in offshore accommodation, operating five vessels with all high-end units contracted through 2026 and backlog extending to 2030 at higher rates.

• Market tightening driven by strong demand in Brazil, with additional growth expected from Australia and West Africa.

• Petrobras remains the dominant client, with new tenders and higher dayrates anticipated into 2026.

• FPSO fleet expansion in Brazil and globally is a key demand driver, with Brazil absorbing more vessels and Rest of World markets seeing increased opportunities.

• Strategic priorities include securing backlog beyond 2027, enhancing efficiency, and exploring M&A opportunities.

Financial performance and capital structure

• Achieved a 60% increase in order backlog to $518 million, extending into 2030, and a more than fourfold increase in annual vessel EBITDA on recent Brazil contracts.

• Post-recapitalization, net interest-bearing debt is approximately $220 million with liquidity of $90 million, supporting a sustainable capital structure.

• Enterprise value estimated at $350 million, trading at about 30% of historical newbuild cost, with broker valuations supporting asset backing.

• Significant deleveraging achieved through equitization of $193 million debt and $75 million in new liquidity.

• Illustrative EBITDA potential could reach $90–100 million annually from 2028 if current market rates persist.

Operational highlights and efficiency

• Consistent 99% vessel utilization in Brazil, with Safe Eurus, Safe Notos, and Safe Zephyrus all on long-term Petrobras contracts.

• Safe Boreas and Safe Caledonia reactivated, with contracts in Australia and the UK, and undelivered units Nova and Vega positioned for future demand.

• Ongoing cost optimization targets over 10% SG&A reduction and enhanced operational efficiency, including maintenance and procurement improvements.

• 40% of operating spend allocated to maintenance and repairs, with further opportunities for cost savings being explored.

• Administrative functions are being centralized and headcount aligned to operational needs to fit the changing market.