Skip to main content

Prosafe SE: Fourth-quarter results 2025

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

This release contains forward-looking statements based on current assumptions and forecasts made by the Group. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the Group and the estimates given here.

(Figures in brackets refer to the corresponding period last year1)

26 February 2026 – Prosafe SE reported EBITDA of USD 21.1 million (USD 8.4 million) for the fourth quarter of 2025. All the company’s five vessels generated revenue through-out the quarter, with four units active during the full period and the Safe Boreas arriving in Australia ahead of the expected start of operations in the first quarter of 2026.  

Full-year 2025 EBITDA was USD 40.0 million, at the high end of the guided range for the year, and up from USD 27.2 million in 2024. Based on the increased order backlog, continued market improvements, reduced costs and the 2025 recapitalisation, Prosafe is set to deliver continued earnings growth in 2026 with full-year EBITDA expected in the range of USD 45-55 million.

Operations and HSSE

  • 100% fleet utilisation in Q4 2025 with all 5 units on contract
  • Good operating and safety performance
  • Safe Boreas on full day rate from 15 December 2025
  • All Safe Caledonia options exercised with operations completed 22 February
  • Safe Caledonia awarded letter of intent (LOI) for 6 months plus options in 2027/28
  • Backlog of USD 428 million incl. options and excluding Safe Caledonia LOI
  • SPSs for Safe Zephyrus and Safe Notos moved to March/April 2026

Financials

  • Revenues of USD 70.9 million (USD 37.0 million)
  • EBITDA of USD 21.1 million (USD 8.4 million)
  • Cash flow from operations of USD (3.0) million (USD 0.1 million)
  • Capex of USD 8.5 million (USD 8.0 million)
  • Liquidity position of USD 65.3 million (USD 46.8 million)
  • NIBD of USD 230.8 million (USD 369.1 million)

Market and outlook

  • All high-end units contracted through 2026 and into 2027
  • Strong global market led by increased demand in Brazil and Africa
  • Focused on contract renewals for Safe Eurus and Safe Zephyrus
  • Safe Caledonia marketed for additional opportunities prior to the 2027 LOI
  • Exploring strategic opportunities/M&A

Please see the fourth quarter 2025 presentation for further details.

Reese McNeel, CEO of Prosafe, says, “Prosafe moves into 2026 with a strong foundation for long-term value creation with all high-end vessels on contract into 2027 and a backlog at a near ten-year high reflecting significant commercial progress through new contracts at materially higher dayrates. We are on track to deliver strong EBITDA growth supported by cost- efficient operations and capital discipline in a tightening global offshore accommodation market.”

1) Comparable figures for fourth quarter and full year 2024 are based on the audited results presented in the 2024 Annual Report with adjustments related to the subsequent Safe Concordia sale and impairment in March 2025.

Presentation

Reese McNeel, CEO, and Halvdan Kielland, CFO, will today present the results at Pareto Securities, located at Dronning Mauds gate 3, 0115 Oslo, at 12:00 CET. This presentation is open to the public and will be live-streamed on Prosafe’s website.at www.prosafe.com (http://www.prosafe.com).

It will be possible to ask questions by using the Q&A tool embedded in the webcast. A replay of the webcast will be made available on Prosafe’s website shortly after the presentation.

The Q4 2025 press release and presentation are attached and available at https://www.prosafe.com and www.newsweb.no (https://www.newsweb.no).

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Euronext Oslo Børs with ticker code PRS. For more information, please refer to www.prosafe.com (http://www.prosafe.com).

For further information, please contact:
Reese McNeel, CEO
Phone: +47 415 08 186

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Attachments

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.