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Prosafe (PRS) investor relations material

Prosafe Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary13 Nov, 2025

Executive summary

  • Achieved 100% fleet utilization in September 2025, with all five vessels operating and generating revenue, a milestone not reached in years.

  • Completed a major transformation with new management and board, focusing on efficiency, strategic repositioning, and shareholder returns.

  • Recapitalization completed, establishing a sustainable capital structure and significant de-leveraging.

  • Backlog increased to USD 486 million including options, extending into 2030, led by contracts in Brazil.

  • Strong operational performance with 99%-100% uptime and robust safety metrics.

Financial highlights

  • Q3 2025 revenue reached USD 53.6 million, with EBITDA of USD 12.8 million before USD 1.5 million in non-recurring reorganization costs.

  • Net profit for Q3 2025 was USD 176.2 million, driven by a USD 181.8 million recapitalization gain.

  • Liquidity position at quarter-end was USD 83.3 million, up from USD 46.8 million at year-end 2024.

  • Net interest-bearing debt reduced to USD 200 million–213.6 million following recapitalization.

  • Capex increased to USD 11.3 million in Q3 2025, mainly for Safe Boreas and Safe Zephyrus.

Outlook and guidance

  • Full-year 2025 EBITDA guidance reiterated at USD 35–40 million.

  • All high-end units contracted through 2026 and into 2027, with backlog into 2030.

  • Expecting continued high utilization and backlog expansion, with strong prospects for 2026 and beyond.

  • Anticipates significant EBITDA uplift potential to USD 90–100 million in coming years as contracts reprice and cost savings materialize.

  • Exploring strategic opportunities and M&A, with a focus on Brazil.

How will Prosafe consolidate fragmented market
Detail drivers for $90-100M EBITDA potential
Impact of moving core functions to Brazil
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Frequently asked questions

Prosafe SE is a Norway-based company that owns and operates semi-submersible accommodation vessels primarily serving the offshore oil and gas industry. These vessels are used to provide living quarters, safety, and support services during the construction, maintenance, and decommissioning of offshore installations. Prosafe's fleet includes six semi-submersible accommodation, safety, and support vessels (ASVs) and one tender support vessel (TSV). In addition to accommodation, these vessels offer welfare and catering services, storage, workshops, medical services, and lifesaving equipment to offshore crews. Prosafe operates in a single business segment related to the chartering and operation of these vessels. The company is headquartered in Stavanger, Norway, and its shares are listed on the Oslo Stock Exchange.

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