Annual Report 2025

We are a leading owner and operator of semi-submersible accommodation vessels

Prosafe Annual Report 2025

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Year in brief 4

Highlights 5

Key figures 6

About Prosafe 7

CEO message 9

Governance 11

Board of Directors and executive management team 12

Board of Directors report 13

Corporate governance 21

Shareholder information 30

Sustainability 32

Basis for preparation 33

Strategy, business model and sustainability 34

Environmental 37

Social 40

Governance 44

Financials 46

Consolidated financial statements 47

Parent Company financial statements 80

Declaration by the BoD and CEO 97

Auditor’s report 98

Alternative Performance Measures (APMs) 100

Appendix 101

Abbreviations 101

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Year in brief

Prosafe Annual Report 2025

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Year in brief

Year in brief 

Highlights 2025

Good operating and safety-performance on all vessels, with 99% uptime on contract

75% fleet utilisation, all vessels on contract during the year

Year-end backlog including options of USD 428 million

Successful re-activation of Safe Caledonia and completion of contract

Safe Boreas started long-term contract in Australia

Completed recapitalisation, reducing debt and extending maturities

Order backlog growth and improved market outlook create platform for future value creation

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Year in brief

Year in brief | Highlights

Year in brief | Highlights

Key figures

1 Liquidity equals cash and deposits, and includes USD 2.5 million in restricted cash

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Year in brief

Year in brief | Key figures

Year in brief | Key figures

About Prosafe

Prosafe is a leading owner and operator of semi-submersible accommodation vessels.

Prosafe owns and operates five semi-submersible accommodation vessels. In addition, the Company has two new build accommodation vessels at yard.

The versatile fleet comprises four dynamically positioned vessels and one moored vessel, capable of operating in the most demanding offshore environments.

Prosafe's vessels support energy companies, primarily in global offshore oil and gas markets. Operations are related to the lifecycle of offshore installations such as maintenance and modification on fields already in production, hook-up and commissioning of new fields, tie-backs to existing infrastructure and decommissioning.

The vessels are operated in dynamic positioning (DP) mode by use of own engines and thrusters or in a moored mode, while being gangway connected via a telescopic gangway to the client's installation so personnel can safely walk to work. The vessels are normally provided on a time charter basis where Prosafe crews and operates the vessels.

Prosafe's vessels have accommodation capacity for up to 500 people and offer high quality welfare and catering facilities, storage, workshops, offices, cinema/auditorium, medical services, deck cranes and lifesaving and firefighting equipment.

Prosafe has a near 30 years track record from demanding operations world wide, with leading operational performance and safety records. The Company has extensive experience from operating gangway connected to fixed installations, FPSOs, TLPs, Semis and Spars. The main operating regions are the North Sea, Brazil, Australia and GuIf of America.

Prosafe is listed on the Euronext Oslo Børs with ticker code PRS.

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Year in brief

Year in brief | About Prosafe

Year in brief | About Prosafe

Vessel and location overview

Brazil

Safe Eurus

DP3 – Worldwide ‌ 1

Contracted to Petrobras until March 2027

99 per cent utilisation in 2025

Safe Zephyrus

DP3 – Worldwide

Contracted to Petrobras until September 2027

100 per cent utilisation in 2025

Safe Notos

DP3 – Worldwide ‌ 1

Contracted to Petrobras until October 2030

99 per cent utiIisation in 2025

Safe Caledonia

TAMS‌ 2 – UK North Sea

LoI with Ithaca Energy at the Captain field in the UK North Sea from June 2027

6 months firm duration + up to 3 months of options

100 per cent utilisation on contract in 2025

Safe Boreas

DP3 – Worldwide

Contracted in Australia until June 2027 plus up to six months options

100 per cent utilisation on contract in 2025

North Sea and Rest of World

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Year in brief

Year in brief | About Prosafe

Year in brief | About Prosafe

CEO message

Building platform for the future

In 2025, Prosafe strengthened its position as a leading offshore accommodation provider

We realised several key strategic milestones in 2025 including two vessel re-activations, a simplification of the fleet, a significant strengthening of our balance sheet and a reduced cost base. This was achieved while operating at the highest safety standard and providing our clients with exceptional gangway connectivity. I am very proud of what we accomplished in 2025.

Prosafe is well positioned to benefit from increasing market activity. Our vision remains to be the world leader in offshore accommodation. This requires a consistent focus on our operational, commercial and financial priorities.

Operational performance

Safety is our top priority. Our 2025 health and safety statistics were in line with the industry with 1 Lost Time Incident (LTI) (2024: nil) and an incident frequency rate (TRCF) of 1.9 (2024: 1.2).

At year-end, we owned and operated five accommodation vessels. After the successful reactivations, all our vessels were in operation at year-end in Brazil, UK and Australia. By selling Safe Concordia and Safe Scandinavia in 2025, we high-graded our fleet and optimised our cost base by removing legacy vessels.

All our operating vessels achieved near 100% gangway uptime during operations, providing our clients with industry leading gangway connectivity.

Commercial momentum

Prosafe’s year-end order backlog incl. options of USD 428 million, is the highest in nearly a decade and up more than four-fold since 2021. Our commercial progress reflects the growing demand for accommodation vessels and Prosafe's strong market position.

In January 2025, Petrobras extended the contract for Safe Zephyrus to fall 2027.

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Year in brief

Year in brief | CEO message

Year in brief | CEO message

In June 2025, Safe Notos was awarded a new 4 year contract with Petrobras from September 2026 in continuation of its current contract. The contract confirms a tightening market for high-end accommodation vessels with the day rate increasing from USD 75 thousand to USD 140 thousand and the expected annual vessel EBITDA up nearly five-fold.

Also in June, the Safe Caledonia commenced operations with Ithaca Energy on the Captain field in the UK North Sea. The project demonstrated Safe Caledonia’s operational capabilities in a harsh environment with all options exercised and the rig remaining on field during the North Sea winter to end-February 2026. In December 2025, we announced a letter of intent with Ithaca Energy for further work on the Captain field from the second quarter of 2027 with options into 2028.

Safe Boreas was successfully relocated to Asia ahead of its contract in Australia. After an initial period on standby day rate from September 2025, the Safe Boreas arrived in Australia and was on full day rate from mid-December. The 15-month firm contract period in Australia recently started on 03 April 2026.

Financial progress

In 2025, we significantly improved the financial position of Prosafe. In July, we completed a recapitalisation, materially deleveraging our balance sheet through the equitisation of USD 193 million of debt

and the injection of USD 75 million of new liquidity, providing the company with a significantly improved balance sheet and liquidity position.

Revenue in 2025 increased 35 per cent year-over-year, and EBITDA was USD 40 million, up from USD 27 million in 2024.

We also realised signficant cost effeciences and expect a continued decline in SG&A costs going forward.

Improved outlook

The market outlook is positive, with a favourable supply and demand balance and high activity, Prosafe is well positioned for additional work in Brazil with both Safe Eurus and Safe Zephyrus rolling off legacy contracts in 2027. We also expect to see future opportunities in Australia, the Far East, West Africa and in the UK.

We have a close dialogue with existing and potential clients and expect to progress discussions during 2026. Recontacting vessels at improved day rates would materially support our continued earnings growth and long-term value creation.

Cost and capital management remain a priority. In 2025, investments largely reflected the reactivations of Safe Caledonia and Safe Boreas. In 2026, we will continue to see elevated investment levels with five-year special periodic surveys and

maintenance work to be conducted on both Safe Notos and Safe Zephyrus in Brazil. The safe and efficient completion of these two projects is a key objective for 2026.

We continue to take deliberate steps to improve the cost base both on and offshore. We have launched an inventory and maintenance optimisation project offshore and will continue with the SG&A cost reductions launched in second half of 2025.

2025 was a busy and successful year and we have another very active year ahead of us in 2026.

It is a pleasure to lead a highly competent and dedicated team who work every day offshore and onshore to provide the safest, most efficient and most reliable offshore accommodation available.

Together, we continue building the platform for future, long-term value creation for all our stakeholders.

Reese McNeel

CEO

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Year in brief

Year in brief | CEO message

Year in brief | CEO message

Governance

Prosafe Annual Report 2025

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Governance

Governance 

Board of Directors (the Board) and executive management team

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Governance

Governance | Board of Directors and executive management team

Governance | Board of Directors and executive management team

Board of Directors report

Prosafe SE, the “Company” or the “Parent Company”, is a leading owner and operator of semi-submersible accommodation vessels. The Company and its subsidiaries are referred to as the “Group” or “Prosafe”.

At year-end 2025, Prosafe owned and operated five semi submersible accommodation vessels. Prosafe offers high quality offshore accommodation and support services to the offshore oil and gas industry with an extensive global track record. The Parent Company is domiciled in Norway and is the ultimate owner of all Group companies. Prosafe is listed on Euronext Oslo Børs with ticker code PRS.

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Governance

Governance | Board of Directors report

Governance | Board of Directors report

Strategic Positioning

Prosafe's ambition is to be the preferred provider of high-end offshore accommodation vessels globally by providing best-in-class offshore accomodation to the Company's clients in a safe, efficient and reliable manner.

Prosafe expects improving demand for accommodation vessels and services in coming years led by Brazil's investment in new Floating Production Storage and Offloading (FPSO) units, and increased offshore field development and maintenance activity in the key regional markets of the North Sea, South America, West Africa and Asia-Pacific. Sector returns are expected to improve due to the increased demand for high-end vessels and limited supply. At the same time, Prosafe will maintain focus on cost-efficient offshore and onshore operations.

Prosafe places a high priority on its responsibility towards sustainable operations, aligning its business strategy with its core values of protecting the environment, people and compliance with governance standards.

Operations and projects

At year-end, the fleet comprised five fully owned vessels. Vessel specifications and details of the current contracts can be found on the Company's website https://www.prosafe.com/fleet/vess els .

Safe Notos has operated for Petrobras in Brazil on consecutive contracts since December 2016. The vessel is currently on a four- year contract that commenced in 2022. In June 2025, Petrobras

awarded a new four-year contract for Safe Notos starting September 2026 in direct continuation of the current contract. Total contract value is approximately USD 204 million, reflecting a strong market with a significant increase in contracted day rate.

Safe Eurus has operated for Petrobras in Brazil since December 2019. In February 2023, the vessel commenced its second four-year contract in direct continuation of the previous contract.

Safe Zephyrus has operated for Petrobras in Brazil since April 2023, initially on a 650-day contract. In January 2025, Prosafe and Petrobras signed a 954-day extension to the contract.

In early June, Safe Caledonia commenced operations at the Captain Field in the UK for Ithaca Energy (UK) Limited under a six-month contract with up to three months of options. The vessel remained on contract until 22 February 2026 following the exercise of all options. Safe Caledonia delivered near 100% uptime during the period.

In December, Ithaca Energy issued a Letter of Intent (LoI) for a six-month firm contract with up to three months of options on the Captain Field for Safe Caledonia. The project is expected to commence in the second quarter of 2027. The value of the contract linked to the LoI is approximately USD 30 million to USD 44 million depending on options.

In September, Safe Boreas commenced the stand-by period for its contract in Australia. In December, the vessel transitioned to full day rate. The 15 month firm contracted started on 03 April 2026.

The client has up to six months of options to extend the contract. The total value of the contract is approximately USD 75 million to USD 100 million, depending on the exercise of options.

In February 2025, Prosafe agreed to divest the Safe Concordia to an undisclosed party for a gross price of USD 5 million. In March, the vessel was delivered to the new owner upon completion of its contract. Also in March, the tender support vessel Safe Scandinavia was divested for recycling following a multi-year period without contract.

Order backlog‌ 1

The order backlog incl. options at 31 December 2025 amounted to USD 428 million of which approximately USD 402 million was related to firm contracts and USD 26 million to options. This is an increase from a total backlog of 370 million at year-end 2024 (USD 334 million firm and USD 36 million options). The backlog includes the new Safe Notos contract as well as exercised option periods for Safe Caledonia at year-end. There remains uncertainty as to whether or not customers will ultimately utilize their option rights. Management is using the order backlog for firm contract periods for forecasting and planning, if they find it more likely than not that the customer will exercise option periods management may include option periods in their forecasting.

Market

The market for offshore accommodation vessels is driven mainly by maintenance, modification and life extension of existing oil and gas infrastructure as well as the hook-up and installation of new platforms and FPSOs.

1 Order backlog incl. options = amount of contracted revenue not yet recognised in the income statement

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Governance

Governance | Board of Directors report

Governance | Board of Directors report

Continued investments in oil and gas exploration and production are required to meet energy demand in the coming years. This is expected to lead to higher offshore activity and demand. New FPSOs set to commence production in coming years, along with continued maintenance of existing offshore assets, is expected to increase the demand for accommodation vessels and related services in years to come.

Brazil

The main demand driver in Brazil is investments in maintenance and modification work on a large and growing fleet of FPSOs. Semi- submersible accommodation vessels remain the preferred design for long-term charter contracts with Petrobras and other FPSO operators. Brazil and the nearby region is a core market for Prosafe, currently employing three of the five vessels in the fleet.

Demand for high-end accommodation vessels increased to eleven units active in 2025, up from five units in mid-2018 and ten in 2024. Based on contracts awarded by Petrobras and other operators, demand is expected to further increase in 2026. A key focus area for the Company in coming year will be to secure work for Safe Eurus and Safe Zephyrus in Brazil or the adjacent region when the vessels’ current contracts end in 2027.

North Sea: Norway and UK

The North Sea (UK and Norway) remains an important market. Going into 2025, the Company had two vessels in the North Sea preparing to commence contracts later in the year in Australia and the UK North Sea, respectively. In April, the Safe Boreas was mobilised to Singapore following successful reactivation ahead

of the contract in Australia. In early June, the Safe Caledonia commenced operations at the Captain Field offshore UK.

Accommodation vessel demand in the North Sea remains a function of field development and maintenance investments which are in turn impacted by the regulatory environment and general sentiment in the oil and gas market.

Rest of the world

Long-term demand for semi-submersible offshore accommodation vessels is expected to increase in markets outside the North Sea and Brazil with growing attention to high-end units to support projects in South America (for example Guyana), West Africa, Australia and Asia. The contract for Safe Boreas in Australia reflects this development.

Opportunities are monitored and pursued with a special emphasis on securing further work for the Safe Boreas when the current contract ends in 2027.

Recapitalisation

On 21 July, Prosafe completed the recapitalisation which was outlined in the 2024 Annual Report and approved by the Extraordinary General Meeting on 16 May 2025. The recapitalisation significantly improved Prosafe’s financial position by reducing debt and providing liquidity to meet expected capex and working capital requirements.

The recapitalisation comprised: 1) a reduction of the share capital by reducing the nominal value per share to EUR 0.01 from previously EUR 1.25, 2) the equitisation of USD 193 million of debt into 321,635,718 new shares in the Company, 3) a debt restructuring

including the provision of USD 75 million in new liquidity through a new super senior facility, and 4) a subsequent warrant offering to existing shareholders. A total of 13,033,597 of the up to 17,868,651 warrants offered were exercised with shareholders subscribing one new share for each warrant at price per share of NOK 0.15.

On 21 May 2025, the Annual General Meeting (AGM) re-elected Glen Ole Rødland (Chair), Birgit Aagaard-Svendsen, Nina Udnes Tronstad and HaIvard Idland to the Board of Directors until completion of the recapitalisation.

The AGM also elected a new board comprising Patrick Carey Lowe (Chair of the Board), Jean-Baptiste (JB) de Boissieu, Monique Fares, Knut Boe and Grethe Kristin Moen, which assumed office on 21 July, the effective date for the recapitalisation.

At 31 December 2025, the Board comprised of five members. The remuneration of the Board is disclosed in note 6 to the consolidated accounts.

Health, safety, security and the environment (HSSE)

Robust HSSE performance is fundamental to all Prosafe's operations. Prosafe works proactively and systematically to reduce incidents, injuries and absence.

Prosafe operates with a zero-incident philosophy which means that no accidents or serious incidents are acceptable. Multiple initiatives have been implemented over the years to further strengthen the safety culture. These and new initiatives will be continuously developed to improve safety performance.

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Governance

Governance | Board of Directors report

Governance | Board of Directors report

In 2025, Prosafe recorded 1 incident classified as a Lost Time Injury (LTI) (2024: 0). An LTI is an injury resulting in an employee being absent from the next work shift due to the injury. Sick leave was 0.84 per cent in 2025, a decrease from 1.17 per cent in 2024.

In 2025, Prosafe had 0 accidental discharges to the natural environment (2024: 0). Prosafe continues to actively work to avoid accidental discharges and reduce emissions by adapting its fleet and operating procedures and practices.

The impact to the external environment from Prosafe's operations is reported in detail in the sustainability section of this report.

Human resources and diversity

Prosafe's offshore headcount will fluctuate as a function of vessel utilisation and contracts, which is characterised by both long- and short-term contracts with international mobilisations. The offshore crews may consist of agency personnel as well as, Prosafe employed crew.

Prosafe had 305 employees at the end of 2025 (average 296), compared with 281 in 2024 (average 268). The increase is mainly due to the reactivations of Safe Caledonia and Safe Boreas.

The voluntary employee turnover in the Group was 22.7 per cent in 2025, compared with 17.2 per cent in 2024. The increase reflects an expansion of operations and further nationalisation of crew in Brazil.

Prosafe operates an equal opportunity policy. Men have, however, traditionally made up a greater proportion of the recruitment base for offshore operations, and this is reflected in Prosafe's gender breakdown. Prosafe aims to offer the same opportunities to all and there is no discrimination with respect to recruitment, remuneration or promotion, age, disability, gender, marriage and civil partnership, pregnancy and maternity, nationality, religion or belief, and sexual orientation.

Sustainability

Prosafe embeds sustainability into its core operations, reflecting the Group's long-standing focus on responsible business practices. This is also reflected in Prosafe’s core values: We Care, We Collaborate, and We are Ambitious.

The Group integrates environmental, social and governance (ESG) considerations into strategy, daily operations and decision-making to ensure long-term value creation for stakeholders and society, with a clear understanding of both external impacts and the operational risks.

Prosafe has established governance and management structures which clearly set out the responsibility and accountability within the business for Environmental, Social and Governance (ESG) impacts.

The Group’s sustainability reporting follows the European Commission’s recommendation on a Voluntary Sustainability Reporting Standard for small and medium-sized enterprises (VSME).

Prosafe is committed to the highest standards of business ethics and shall comply with all applicable laws, including the Norwegian Transparency Act and the UK Modern Slavery Act, regulations and the Company's policies and procedures.

To meet the requirements of the Transparency Act, Prosafe endeavours to ensure that its Health, Safety, Security, Environmental, Quality (HSSEQ) and Corporate Social Responsibility (CSR) principles, including those relating to conflicts of interest, Anti-corruption, Human Rights and Labour Standards are integrated in own operations and those of the supply chain. A full Norwegian Transparency Act Statement is published as a separate report to this annual report.

Corporate governance

Prosafe is committed to maintaining high standards of corporate governance to support the greatest possible value creation over time in the best interests of shareholders, employees and other stakeholders. The corporate governance framework is based on the Norwegian Code of Practice for Corporate Governance of 28 August 2025. Please see the separate Corporate Governance section of the annual report for more information.

Organisation

In 2025, Prosafe adjusted the Group structure to increase efficiency and strengthen its position in the most important growth regions. The office in Oslo, Norway, was formally established as the corporate headquarters, while the offices in Stavanger, Norway, and Singapore were closed. Operational and corporate functions were transferred to Brazil, Prosafe’s most important market.

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Governance

Governance | Board of Directors report

Governance | Board of Directors report

On 1 September, Terje Askvig resigned as CEO of Prosafe. Reese McNeel, the CFO of Prosafe was appointed interim CEO, and in November assumed the role of permanent CEO. Halvdan Kielland was appointed interim CFO, and on 20 February 2026 he assumed the position on a permanent basis.

The Group has a Directors & Officers liability insurance that covers Directors and executive management. The total limit of the coverage is USD 70 million.

Financial results, financing and financial position of the Group

(The figures in brackets correspond to the 2024 comparatives)

Income statement

Operating revenues totalled USD 188.4 million in 2025 (USD 139.8 million) and fleet utilisation‌ 2 increased to 75.1 per cent (57.0 per cent). The increase in utilisation reflects high uptime‌ 3 for the vessels operating in Brazil, 100% uptime on Safe Caledonia from early June and Safe Boreas on contract and receiving day rate revenue from September.

Operating expenses increased to USD 148.4 million (USD 112.6 million), due to higher utilisation.

Depreciation, amortisation and impairment amounted to USD 32.6 million (USD 41.4 million). The 2024 accounts included a USD 8.4 million impairment of Safe Concordia following the divestment in February 2025.

Operating profit was USD 7.4 million, compared to an operating loss of USD 14.2 million in 2024.

Interest expenses totalled USD 28.4 million (USD 31.1 million). For further information, refer to note 10 and note 14 of the consolidated accounts.

Financial items other than interest expenses were positive USD 164.3 million (USD 0.7 million), predominantly reflecting the USD 181.8 million gain recorded due to the recapitalisation in 2025, partly offset by related costs. Refer to note 9 , 10 and note 14 of the 2025 consolidated accounts for more details.

Tax expense for 2025 was USD 0.8 million (USD 2.1 million).

Net profit amounted to USD 142.5 million (loss USD 46.7 million), resulting in earnings per share of USD 0.86 (loss USD 2.61). Fully diluted earnings per share was USD 0.85 (loss USD 2.61). The increase was driven by a one-off gain from the recapitalization.

At year-end, Prosafe had 352,537,966 ordinary shares outstanding.

Financial position

Total assets amounted to 493.3 million (USD 442.7 million) at the end of 2025. Investment in tangible assets totalled USD 55.5 million (USD 14.4 million).

At year-end 2025, the Group had a total liquidity reserve in the form of liquid assets (cash and deposits) of USD 65.3 million (USD 46.8 million). Total restricted cash was USD 2.5 million (USD 2.3 million).

Total shareholders' equity was USD 141.6 million (negative USD 13.2 million), resulting in an equity ratio of 28.7 per cent (negative 3.0 per cent).

Interest-bearing debt decreased to USD 318.2 million (USD 415.9 million) at year-end. The increase in liquidity and equity ratio and reduction in interest-bearing debt are a function of the 2025 recapitalisation.

The interest-bearing debt agreements are subject to termination, repayment or buy back clauses in the event of a change of control of the Group (as control is defined in the relevant agreements). The Group complied with the only financial covenant of USD 20 million minimum cash at year-end 2025‌ 4 . Please refer to note 14 of the consolidated accounts for further information.

2 Utilisation – actual vessel days in operation in the period / possible vessel days in the period

3 Uptime – vessel available to client on contract

4 The Minimum Liquidity is calculated on each quarter date and excludes cash balances held under the New Group (Prosafe Offshore Holding pte. Ltd., Safe Eurus Singapore pte. Ltd., Axis Nova Singapore pte. Ltd. and Axis Vega Singapore pte. Ltd) and restricted cash. As of end December 2025, the New Group's cash position was USD 1.2 million (USD 2.3 million) and restricted cash was USD 2.5 million (USD 2.3 million).

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Governance

Governance | Board of Directors report

Governance | Board of Directors report

Financial results and financial position of the Parent Company

The net profit for the year amounted to USD 135.4 million (loss USD 45.7 million). Net financial items amounted to USD 140.0 million (negative USD 28.5 million).

Total net assets for the year amounted to USD 106.6 million (negative USD 40.4 million).

Dividends

Prosafe's long-term objective is to provide shareholders with a competitive, risk-adjusted yield on their shares through a combination of share price appreciation and direct return in the form of dividend. Under the latest amended and restated facility agreements following the recapitalisation in July 2025, dividends may only be paid after obtaining prior written consent of a majority of the lenders.

Going Concern

The Board of Directors confirms that the accounts have been prepared under the assumption that the Company is a going concern. During 2025, the company went through a financial recapitalisation that restored the equity and strengthened the financial position. At 31 December 2025, Prosafe complied with the minimum liquidity covenant.

Refer to Note 14 for information on the minimum liquidity covenant.

Shareholders and share capital

At 31 December 2025, the 20 largest shareholders held a total of 75.0 per cent of the issued shares. The number of shareholders was 4,909. Please see the Shareholder Information section of the annual report for more information.

As at 31 December 2025, Prosafe had an issued share capital of 352,537,966 ordinary shares, all at a nominal value of EUR 0.01 each.

Selected employees have been offered share options to the Company's shares as an element of employee renumeration. If the Company has own shares, the Company may allot own shares instead of issuing new shares when share options are exercised.

All share options are offered at strike prices that reflect the market price of the shares at the time of allotment of the rights.

Selected employees and the Board of Directors have been offered restricted share units (RSU). The number of RSUs given is based on a percentage of the individuals salary and a 10-day average share price before the grant date. The Company has a right to settle the RSUs with cash settlement or to issue shares.

The Company's loan agreements include change of control clauses as well as restrictions on mergers, acquisitions, investments, additional financial indebtedness and dividends. Lender consent under the loan agreements requires majority lender approval. More information is provided in note 14 to the consolidated accounts.

Further information on the share capital and changes is described in note 13 to the consolidated accounts.

Risk

Prosafe categorises its primary risks under the following headings: strategic, commercial, operational, compliance and legal, financial, climate and cyber-security related. The Board of Directors and executive management manages these risk factors through continuous risk assessments, reporting and periodic reviews in management and Board meetings, and as part of the rolling strategy and planning processes.

The Group aims to create shareholder value by allocating capital and resources to the business opportunities that yield the best return relative to the risk involved within its specified strategic direction.

Prosafe seeks to reduce its exposure to operational, financial and compliance related risk through proper operating routines, the use of financial instruments and insurance policies. The Company has no hedging facilities available.

Commercial risk comprises macro factors such as oil price and industry specific factors such as the supply/demand balance, competitive position, new development solutions, climatic conditions, and new ways of executing offshore projects. These are factors which may represent recontracting risk for the Company's vessels.

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Governance

Governance | Board of Directors report

Governance | Board of Directors report

In addition, the demand for accommodation units is sensitive to other incidents that may impact the state of the world economy, general activity and spending levels, and demand for natural resources. Global incidents such as pandemics and conflicts with a material impact on capital markets and energy prices may influence activity in the oil and gas industry, and thereby also demand for accommodation services, potentially leading to increased recontracting and refinancing risk.

The Group is exposed to financial risks such as currency risk, interest rate risk, financing and liquidity risk, credit risk and counterparty risk.

Prosafe maintains an active overview of and relations with lenders, capital market participants and investors to secure the best possible access to capital markets if and when needed.

Prosafe is exposed to liquidity risk, which is the risk that Prosafe will not be able to meet its financial obligations when they become due. Liquidity risk sources include, but are not limited to, market dayrates, contract cancellations, customers not paying charter rates under contracts and low demand for accommodation vessels in

the future. Prosafe manages liquidity at the Group level as per the Board approved Finance Policy. The Group monitors the liquidity development and the risk of insufficient capital by rolling cash flow forecasts. Liquidity is managed on a low risk and highly liquid basis, primarily in deposits with its lending banks.

Prosafe reports in USD and generates income primarily in USD, whereas a large part of its operating costs is in other currencies such as GBP, Euro, Brazilian Real and Norwegian Krone. The currency mix will, however, vary with areas of operation. This exposure, as identified in rolling forecasts, may be hedged according to the Finance Policy. Interest rate and currency risk were unhedged at year-end. The Company has no interest rate or currency hedging facilities available.

The Group conducts credit checks on clients as part of its tendering processes and has a history of minimal loss from debtors. There are no material overdue receivables as at year-end.

Prosafe is committed to ensuring the highest standards of data security and privacy for its employees, stakeholders and clients. To achieve this, the Company complies with GDPR regulations

and best practices and has in place a number of procedural and organisational controls and protective measures. This includes continuous evaluation of new options to improve cyber-security measures, including control of remote access to IT and OT systems, and email security. Prosafe also runs security awareness campaigns to educate its employees on best practices for working from home and maintaining data security vigilance.

Internal control is ensured in accordance with Prosafe's policies and procedures which aim to ensure efficient operations, reliable financial reporting and compliance with applicable laws and regulations. These policies and procedures are designed, inter alia, to safeguard assets and protect from accidental loss or fraud. The policies and procedures are reinforced by the organisation and the competence of its personnel, segregation of duties, regular risk assessments, internal reporting, management meetings, Board meetings and the Audit Committee. Internal control is subject to regular review and updates.

Further information on financial risk management is provided in note 18 to the consolidated accounts.

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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Governance

Governance | Board of Directors report

Governance | Board of Directors report

Outlook

Prosafe holds a leading position in a market with increasing demand, utilisation and day rates. In 2025, material progress was made to strengthen the Company’s financial position through the recapitalisation which significantly deleveraged the Company and provided liquidity to meet future investment and working capital requirements.

The year-end order backlog is at the highest level since 2017 with all high-end rigs contracted into 2027 and Safe Notos to 2030.

For 2026, Prosafe expects EBITDA in the range of USD 45–55 million, reflecting increased contribution from Safe Notos and Safe Boreas. Special periodic surveys for Safe Notos and Safe Zephyrus in the first half of the year are expected to represent the main investments for the year.

Prosafe is focused on delivering safe and efficient operations while continuing to secure future order backlog at increased day rates. Prosafe expects that high utilisation, improved day rates and earnings growth will provide a favourable backdrop for refinancing and sustainable returns in the future.

The Company will seek to play an active role in any future consolidation of the offshore accommodation market.

Prosafe Annual Report 2025

Prosafe Annual Report 2025

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