NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA, SOUTH AFRICA, NEW ZEALAND, JAPAN OR THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL Reference is made to the stock exchange announcement made by Prosafe SE ("Prosafe" or the "Company") on 23 July 2025 regarding commencement of the subscription period (the "Subscription Peri ...

Company Overview - Tidewater operates the largest OSV fleet in the world, with 211 owned vessels[10] - The company has a significant number of hybrid vessels, totaling 18[10] - Tidewater estimates its 2025 EBITDA to be approximately $557 million[10] - The company's liquidity is over $600 million[10] - The average age of Tidewater's vessels is 12.8 years[10] Market Position and Strategy - Tidewater has been focusing on high-specification vessels, with a significant portion of its fleet consisting of PSVs >700m2 and AHTS >16k BHP[10, 14] - The company has grown its fleet through M&A, adding 83 premier vessels in the last 3 years[27] - Tidewater has a strong international footprint, operating in all major offshore regions[11] Financial Performance and Outlook - Tidewater anticipates revenue between $1.32 billion and $1.38 billion in 2025[13] - The company projects a gross margin between 48% and 50% for 2025[13] - Net Debt / 2025E EBITDA is 0.5x[10] Sustainability - Tidewater is committed to reducing its well-to-wake IMO Time CO2-e intensity from operations by 50-60% by 2030, using a 2008 base year[100]

Core Viewpoint - Prosafe SE is offering up to 17,868,651 warrants to eligible shareholders, with a subscription period from July 23, 2025, to August 6, 2025, unless extended [1][2]. Group 1: Warrants Offering Details - The subscription period for the warrants offering starts on July 23, 2025, at 09:00 CEST and ends on August 6, 2025, at 16:30 CEST [2]. - Eligible shareholders as of May 16, 2025, will have preferential rights to subscribe for the warrants in proportion to their shareholding [3]. - No payment is required for the warrants, and they are non-transferable [4]. Group 2: Subscription and Exercise Procedures - Subscriptions must be made via a completed subscription form during the subscription period, with online options available for Norwegian residents [5]. - Allocation of warrants will be determined by the company's board based on the number of warrants subscribed for by each shareholder [6]. - The exercise period for the warrants is from August 11, 2025, to August 25, 2025, with one warrant allowing the holder to request one ordinary share [7]. Group 3: Pricing and Legal Aspects - The subscription price upon exercise of the warrants is EUR 0.01 per new share, with an expected NOK amount of NOK 0.15 per share for the contribution [9]. - Advokatfirmaet Schjødt AS is the legal advisor for the warrants offering, while DNB Issuer Services acts as the receiving and settlement agent [10].

Core Viewpoint - Prosafe has successfully completed a recapitalization process that significantly enhances its financial position by converting USD 193 million of debt into equity, resulting in the issuance of 321,635,718 new shares and the offering of warrants to shareholders [1][2][4]. Financial Position - The recapitalization has led to an increase in the company's registered share capital by EUR 3,216,357.18, raising it from EUR 178,686.51 to EUR 3,395,043.69, with a total of 339,504,369 shares now outstanding [3]. - The company expects unrestricted liquidity of approximately USD 90 to 100 million and a headroom against the new USD 20 million covenant of approximately USD 70 to 80 million at the date of the recapitalization [7]. Business Outlook - Prosafe maintains a positive outlook, having secured new contracts and improved operational activity due to vessel re-activations. A new 4-year contract for the Safe Notos has been awarded at a significantly improved day rate of approximately USD 140,000 per day [5]. - The company anticipates full-year 2025 EBITDA in the range of USD 35 to 40 million, contingent on the successful completion of various contracts and vessel re-activations [7]. Corporate Governance - The company has welcomed a new Board of Directors elected at the annual general meeting held on 21 May 2025, expressing gratitude to the departing board for their contributions [6].

Core Viewpoint - Prosafe SE has successfully completed a recapitalization process, significantly improving its financial position by converting USD 193 million of debt into equity, resulting in the issuance of 321,635,718 new shares and offering warrants to shareholders [1][2][4]. Financial Position - The recapitalization has led to an increase in the company's registered share capital from EUR 178,686.51 to EUR 3,395,043.69, with a total of 339,504,369 shares now outstanding [3]. - The company expects unrestricted liquidity of approximately USD 90 to 100 million and a headroom against the new USD 20 million covenant of approximately USD 70 to 80 million at the date of the recapitalization [7]. Business Outlook - Prosafe maintains a positive outlook with new contracts secured, including a 4-year contract for the Safe Notos at a significantly improved day rate of approximately USD 140,000 per day [5]. - The company anticipates full-year 2025 EBITDA in the range of USD 35 to 40 million, contingent on the successful completion of various contracts and vessel re-activations [7]. Corporate Governance - The company welcomed a new Board of Directors elected at the annual general meeting held on 21 May 2025, expressing gratitude to the departing board for their contributions [6].

Company Overview - Tidewater Inc. is a small-cap company with a market capitalization of $2.2 billion, showing improving market fundamentals and an attractive valuation that may not fully reflect its potential earnings in the coming years [1]. Investment Opportunity - The company is considered to have greater opportunities for mis-pricing and finding asymmetric investment opportunities, particularly in the context of smaller, under-covered companies where the downside risk is limited [1].