Core Viewpoint - Prosafe has received a Letter of Intent (LoI) from Ithaca Energy for the charter of the Safe Caledonia, indicating a strong partnership and future operational plans in the North Sea [1][2]. Group 1: Contract Details - The firm duration of the contract is set for 6 months, starting in Q2 2027, with an option for an additional 3 months [1]. - The expected value of the contract linked to the LoI ranges from approximately USD 30 million to USD 44 million, depending on the options exercised [1]. Group 2: Operational Background - The Safe Caledonia has been providing accommodation support at the Captain facility since June 2025, with an extension to early February 2026 [2]. - The LoI for operations in 2027 highlights the capabilities of the vessel and crew in the challenging North Sea environment [2].

Core Insights - The fleet utilization for October 2025 was reported at 100%, indicating strong operational performance across the vessels [1] - Prosafe's fleet, including Safe Eurus, Safe Notos, and Safe Zephyrus, achieved near 100% commercial uptime in Brazil, while Safe Caledonia maintained 100% uptime in the UK [1][2] - The company has the highest backlog in a decade, with all high-end units contracted into 2027, providing good visibility on future activity and earnings [4] Company Performance - Safe Boreas is preparing for a 15-month firm contract in Australia, with a start-up window between December 10 and December 15, 2025 [2] - The extension of Safe Caledonia's contract into early 2026 validates its capabilities during harsh winter conditions in the North Sea, with expectations for further work in 2026 and 2027 [3] - CEO Reese McNeel emphasized the strong foundation for optimizing the organization and cost base, leveraging a robust global accommodation market, particularly in Brazil [4] Market Outlook - The company is positioned to secure employment for 2027 and beyond, driven by a strong global accommodation market [4] - The operational performance and high backlog suggest a positive outlook for the company's earnings and activity levels in the coming years [4]

Core Insights - The fleet utilization for October 2025 was reported at 100%, indicating strong operational performance across the vessels [1] - Safe Caledonia has achieved 100% commercial uptime at the Captain Field in the UK, with an extension of work options until early February 2026 [1][3] - Prosafe's fleet is experiencing high gangway uptime and safe operations, with Safe Boreas preparing for a significant contract in Australia starting between December 10 and 15, 2025 [2] Operational Performance - Safe Eurus, Safe Notos, and Safe Zephyrus operated at near 100% commercial uptime in Brazil during October [1] - The extension of Safe Caledonia's contract is seen as a validation of its capabilities during harsh winter conditions in the North Sea [3] Future Outlook - Prosafe has the highest backlog in a decade, with all high-end units contracted into 2027, providing good visibility on future activity and earnings [4] - The company is positioned to optimize its organization and cost base while capitalizing on a strong global accommodation market, particularly in Brazil, to secure employment for 2027 and beyond [4]

Core Viewpoint - Prosafe has made significant leadership changes with the appointment of Reese McNeel as CEO and Halvdan Kielland as interim CFO, indicating a strategic shift within the company [1] Leadership Changes - Reese McNeel has been appointed as the new CEO of Prosafe [1] - Halvdan Kielland has been appointed as interim CFO while the company seeks a permanent replacement [1] - Carey Lowe will step down from his role as executive chairman but will continue as chair of the Board of Directors [1] Company Overview - Prosafe is a leading owner and operator of semi-submersible accommodation vessels [1] - The company is listed on the Oslo Stock Exchange under the ticker code PRS [1]

Core Points - Ithaca Energy has extended its contract with Prosafe for the Safe Caledonia to provide accommodation support at the Captain field in the North Sea until early February 2026, with a total contract extension value of approximately USD 6.4 million [1][2] Company Summary - Prosafe is a leading owner and operator of semi-submersible accommodation vessels, listed on the Oslo Stock Exchange under the ticker code PRS [2] - The CEO of Prosafe, Reese McNeel, highlighted the operational capabilities of the Safe Caledonia, particularly during the harsher months in the North Sea [2]

Group 1 - Burlington Loan Management DAC currently owns 52,880,695 shares in the Company, representing 15% of the total 352,537,966 outstanding shares and votes, having crossed the 15% disclosure threshold [1] - Previously, on 21 July 2025, Burlington Loan Management DAC owned 60,107,018 shares, which was approximately 17.70% of the total 339,504,369 outstanding shares and votes [1] Group 2 - Prosafe is a leading owner and operator of semi-submersible accommodation vessels and is listed on the Oslo Stock Exchange with the ticker code PRS [2] - For further inquiries, the CEO of Prosafe, Reese McNeel, can be contacted at +47 415 08 186 [2]

Financial Performance - Prosafe SE reported EBITDA of USD 11.3 million for Q3 2025, an increase from USD 5.0 million in the same period last year [1] - Revenues for the quarter reached USD 53.6 million, up from USD 32.8 million year-on-year [7] - The company experienced a negative cash flow from operations of USD 1.0 million, compared to a positive cash flow of USD 9.1 million in the previous year [7] - Capital expenditures amounted to USD 11.3 million, significantly higher than USD 2.8 million in the same quarter last year [7] Operational Highlights - All five vessels generated revenue in Q3 2025, with 100% fleet utilization in September [1][7] - The backlog stood at USD 486 million, including options, indicating strong future revenue potential [7] - Safe Boreas was on standby rate from September ahead of a contract start in December [7] Strategic Initiatives - The company has reactivated two idle vessels and launched cost reduction initiatives [4] - A recapitalization has been completed, establishing a sustainable capital structure with extended maturities and net interest-bearing debt of USD 213.6 million at the end of September [7] - Liquidity position improved to USD 83.3 million, compared to USD 46.8 million at the end of 2024 [7] Market Outlook - Prosafe is on track to meet its 2025 EBITDA guidance and anticipates increased earnings in 2026 with all high-end vessels fully contracted [4] - Strong global market fundamentals are driven by increased demand in Brazil and Africa, with North Sea operators planning future campaigns [7] - The company is exploring strategic opportunities and potential mergers and acquisitions [7]

Core Viewpoint - Prosafe has appointed Reese McNeel as the permanent CEO, who will also continue to serve as CFO until a successor is found [1][2][3] Group 1: Leadership Appointment - Reese McNeel has over 20 years of leadership experience in the offshore energy industry and has held executive roles at Atlantica Tender Drilling Ltd. and Sevan Marine ASA [2] - McNeel has been serving as interim CEO since September 2025 and as CFO since August 2022, demonstrating strong leadership during this period [2] Group 2: Company Transformation - Chairman Carey Lowe expressed confidence in McNeel's leadership, noting his decisive actions and the initiation of a significant transformation within the company [3] - Under McNeel's leadership, Prosafe is focusing on enhancing cost efficiency, strengthening operational performance, and building a solid backlog to ensure long-term success and value creation for shareholders [3] Group 3: Company Profile - Prosafe is a leading owner and operator of semi-submersible accommodation vessels and is listed on the Oslo Stock Exchange under the ticker code PRS [3]

Core Points - Ithaca Energy has extended its contract with Prosafe for accommodation support at the Captain field in the UK North Sea until mid-December 2025, with a total contract value of approximately USD 1.8 million [1] Company Overview - Prosafe is a prominent owner and operator of semi-submersible accommodation vessels, listed on the Oslo Stock Exchange under the ticker code PRS [2]

Core Points - Prosafe SE will release its third quarter 2025 results on 13 November 2025 at 7:00 a.m. CET [1] - The quarterly earnings release and presentation will be available on www.newsweb.no and Prosafe's website [1] - Reese McNeel, Interim CEO and CFO, will host a webcast and Q&A on the same day at 10:00 a.m. CET [1] - Questions can be submitted via the Q&A tool during the webcast, and a replay will be available shortly after [2] - Prosafe is a leading owner and operator of semi-submersible accommodation vessels, listed on the Oslo Stock Exchange with ticker code PRS [2]