Prosafe (PRS) Pareto Securities' 33rd Annual Energy Conference presentation summary

Market positioning and fleet overview

• Holds approximately 20% global market share in offshore accommodation, with a leading position in Brazil and a backlog extending into 2030.

• Operates five modern accommodation vessels, all contracted into 2027, with additional units at yard.

• Backlog valued at USD 407 million, serving major clients such as Petrobras, Equinor, and TotalEnergies.

• Headquarters in Norway with cost-efficient operations in Brazil, UK, and Australia.

Market fundamentals and demand drivers

• Offshore accommodation market is tightening, with high-end fleet supply limited and strong fundamentals driving rising dayrates.

• Demand supported by increased E&P spending, maintenance, and new FPSO awards, especially in Brazil.

• Accommodation services are late-cycle in E&P, reducing exposure to short-term energy price fluctuations.

• Brazil is the largest market, followed by the North Sea, with global supply steady at 31 vessels.

Financial performance and outlook

• 2026 EBITDA guidance is USD 50–55 million, up over 25% year-on-year, with long-term potential of ~USD 100 million at current market rates.

• Mark-to-market EBITDA uplift potential of 75%, with NIBD/EBITDA ratio targeted to fall towards 2.5x.

• Safe Notos contract renewal increased dayrate from USD 75k to 140k, boosting annual EBITDA contribution by ~5x.