Prosafe Investor Presentation — February 2020

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Q4 2019 results and market update Disclaimer

All statements in this presentation other than statements of historical fact are

forward -looking statements, which are subject to a number of risks, uncertainties,

and assumptions that are difficult to predict and are based upon assumptions as

to future events that may not prove accurate. Certain such forward -looking

statements can be identified by the use of forward -looking terminology such as

“believe”, “may”, “will”, “should”, “would be”, “expect” or “anticipate” or similar

expressions, or the negative thereof, or other variations thereof, or comparable

terminology, or by discussions of strategy, plans or intentions. Should one or

more of these risks or uncertainties materialise, or should underlying

assumptions prove incorrect, actual results may vary materially from those

described in this presentation as anticipated, believed or expected. Prosafe does

not intend, and does not assume any obligation to update any industry

information or forward -looking statements set forth in this presentation to reflect

subsequent events or circumstances.

Update on financial situation

Highlights – Q4 2019

Utilisation of 23% in Q4, and 50.9% for the year 2019

•Reported EBITDA was a loss of USD 6.4 million.

Underlying EBITDA in the quarter adjusted for non -

recurring items was a loss of USD 0.4 million

•Cash flow from operations was USD 7.3 million (USD

25.6 million). Total liquidity reserve of USD 198.1

Constructive process with lenders to agree a long

term financial solution ongoing

Currently sufficient liquidity till early 2021

Further cost reduction measures initiated

Received provisional findings related to the merger

from the UK Competition Authority. Final decisions

Update on financial situation

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