Prosafe Investor Presentation — November 2020

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Q3 2020 results and business 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

Successfully protected order backlog through Covid-19, although utilization in

2020 specifically is marginalized

Operating status and financial results

•Utilisation of 16.4% in Q3 (48.2%)

•Reported EBITDA of USD 1.2 million negative

•Cash flow from operations was USD 12.3 million negative (USD 40 million)

•On 26 October 2020, secured a 90- day contract with an option of up to 60 days and

start-up in Q2 2022 on the Norwegian Continental Shelf.

•Total and Shell contracts moved from 2020 to 2021

•Safe Notos and Safe Eurus back on hire

•Several ongoing tenders for 2021 and 2022

Implemented Covid -19 plans to safeguard people and assets, as well as cost -

saving initiatives to protect liquidity and efforts to position the company through the turmoil

Sufficient liquidity buffer based on total liquidity reserve of USD 164.5 million per Q3 2020 (USD 216 million)

Remains in constructive dialogue with lenders regarding a sustainable financial solution and aims to conclude the refinancing process by end of 2020. Although it is too early to say what a final solution may look like, it is

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