Prosafe Raises 2026 EBITDA Guidance to $50-55 Million After Q2 Revenue and Utilisation Gains

Norway-based offshore accommodation vessel operator Prosafe SE reported higher second-quarter 2026 revenue and EBITDA on Friday, driven by increased fleet utilisation after two vessels returned to service. The company raised its full-year 2026 EBITDA guidance to the high end of its prior range at $50 million to $55 million, citing an improved dayrate environment and upcoming contract roll-offs.

Prosafe Q2 Revenue $46.5m, EBITDA $9.7m; Raises 2026 Guidance to $50-55m on 71% Utilisation

• Q2 revenue reached $46.50 million and EBITDA came in at $9.70 million, both higher than the year-earlier period.
• Full-year 2026 EBITDA guidance was lifted to $50–55 million (previously the broader $45–55 million range).
• Two vessels — Safe Zephyrus and Safe Notos — resumed operations during the quarter after completing five-year special periodic surveys (SPS), contributing to the revenue and EBITDA increases.
• Four of the company’s five vessels generated revenue in Q2, delivering 71% fleet utilisation with solid operating performance.
• The company highlighted strong global market conditions, particularly in Brazil and Africa, supported by recent and ongoing tenders that have improved dayrates and backlog.

Guidance Lifted to $50-55m and 71% Utilisation Ease Earnings Uncertainty as Fleet Contracts Run Into 2027

The guidance raise to the top of the previous range, combined with clear evidence of higher utilisation after the SPS completions, reassured investors that Prosafe is capturing the tightening offshore accommodation market. Improved dayrate visibility and a contracted fleet into 2027 reduced near-term earnings uncertainty and supported expectations of further earnings growth as older contracts roll off.

Five-Vessel Fleet, $403m Backlog and Full Contracts Into 2027 After Restructuring

Prosafe is a leading owner and operator of semi-submersible offshore accommodation vessels, providing living quarters for up to 500 personnel in harsh environments. The company operates a five-vessel fleet (Safe Eurus, Safe Boreas, Safe Zephyrus, Safe Notos and Safe Caledonia) and is listed on the Oslo Stock Exchange under ticker PRS.

After a multi-year industry downturn and a financial restructuring, Prosafe has rebuilt utilisation and backlog. In Q1 2026 the company already reported revenues of $48.1 million and EBITDA of $14.8 million with 79% utilisation and a backlog of about $403 million including options. All vessels are contracted into 2027, with Brazil and Africa remaining the strongest demand centres. The successful and on-schedule completion of the expensive five-year SPS work on Safe Zephyrus and Safe Notos removes a key operational overhang and positions those units for higher dayrate contracts.

Focus Turns to New Brazil-Africa Tenders and Q3 Results for Further Backlog Growth

Investors will monitor the pace of new contract awards and dayrate levels in ongoing Brazil and Africa tenders. The transition of remaining vessels onto higher-rate contracts, further backlog extension beyond 2027, and any updates on Safe Caledonia’s 2027 North Sea assignment will be key catalysts. The next scheduled reporting event is the third-quarter results, expected in November.