Group 1 - Ithaca Energy has extended its contract with Prosafe for accommodation support at the Captain field in the UK sector of the North Sea until 22 February 2026 [1] - The total value of the contract extension is approximately USD 2.73 million [1] - Prosafe is a leading owner and operator of semi-submersible accommodation vessels, listed on the Oslo Stock Exchange under the ticker code PRS [2]

Core Insights - Prosafe's fleet achieved 100% utilization in November 2025, with vessels in Brazil maintaining near 100% commercial uptime [1] - The company has secured contracts and Letters of Intent (LoIs) that provide visibility into future revenues and operational efficiency [2][4] Fleet Performance - Safe Eurus, Safe Notos, and Safe Zephyrus operated at full capacity in Brazil, with the Special Periodic Survey (SPS) for Safe Zephyrus postponed to 2026 [1] - Safe Caledonia maintained 100% commercial uptime at the Captain Field in the UK, with a contract extended to early February 2026 and a potential new contract valued between USD 30 million to USD 44 million expected in Q1 2026 [2] Future Contracts and Opportunities - Safe Boreas has commenced operations in Australia, with a 15-month firm period starting upon gangway connection expected in Q1 2026 [3] - The CEO of Prosafe highlighted the company's focus on capturing strong market opportunities, extending backlog at higher day rates, and achieving operational efficiencies for future revenue and EBITDA growth [4]

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]

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 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 Insights - Prosafe achieved 100% fleet utilization in September 2025 and 86% for Q3 2025, indicating strong operational performance [1] - The company has all units in operation, with high gangway uptime and contracts extending into 2027 and beyond, reflecting a positive outlook for future work [3] - Strong market demand is noted, particularly in Brazil and offshore Africa, with expectations to increase backlog in upcoming quarters [4] Fleet Performance - Safe Boreas is on standby since September 1, 2025, while all other Prosafe vessels are operational, contributing to increased earnings [1] - Safe Eurus, Safe Notos, and Safe Zephyrus achieved an average of 99% commercial uptime in September and for the quarter [1] - Safe Caledonia has maintained 100% commercial uptime at the Captain Field in the UK since June 2025, with options available for contract extension [2] Future Contracts and Market Outlook - All high-end units are contracted through 2027, with Safe Notos' contract with Petrobras extending to 2030 [3] - Prosafe anticipates that Safe Caledonia will remain in the field beyond December 1, 2025, with a positive outlook for additional work in 2026 and 2027 [3] - The company is focusing on operational efficiencies and cost reductions, including organizational right-sizing [4]

Core Viewpoint - Prosafe's Interim CEO, Reese McNeel, is scheduled to present at the Pareto Securities' Energy Conference in Oslo, highlighting the company's position in the semi-submersible accommodation vessel market [1] Group 1: Company Information - Prosafe is a leading owner and operator of semi-submersible accommodation vessels [1] - The company is listed on the Oslo Stock Exchange with the ticker code PRS [1] - For more information, Prosafe's website is www.prosafe.com [1] Group 2: Event Details - The presentation by Reese McNeel is attached and has also been uploaded to Prosafe's website [1] - The event is part of the Pareto Securities' Energy Conference taking place in Oslo [1]