Prosafe Investor Presentation — May 2019

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Q1 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.

Recent highlights – Q1 2019

•Utilisation of fully owned vessels in Q1 of 62.5% (33.3%)

•EBITDA before non -recurring items of USD 25.9 million (USD

24.1 million reported)

•Cash flow from operations was USD 14.7 million (USD 51.4

million) and cash balance of USD 109 million (USD 254 million)

with a total liquidity reserve of USD 264 million

•In January, Prosafe came first in Brazil auction .

•Safe Scandinavia contract restructured

•Safe Swift awarded new contract

•Safe Boreas extended through September 2019

6 High utilisation of fully owned vessels of 62.5% (Q1

Lower operating revenues despite higher utilisation

due to lower average dayrates – approx . USD 125k

in 2019 vs approx . USD 280k in 2018.

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