Prosafe Investor Presentation — May 2020

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Q1 2020 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.

2 Executive summary

Re-assessment of outlook and

financial implications

Update on financial situation

Effects of Covid -19, oil price crash,

structural demand shift and over supply

Utilisation in Q1 of 32.7 per cent (62.5 per

Total liquidity per Q1 of USD 184 million

Impairments in Q1 of USD 811 million

Re-assessment of outlook and

financial implications

Update on financial situation

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2010 2011 2012 2013 2014 2015 2016 2017 2018 2019TSV

2016 -19 of $40m A new market reality with changed demand drivers

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