Prosafe Q2 2026 slides: EBITDA triples as day rates surge to $140k

Prosafe, a Norway-based offshore accommodation vessel operator, reported strong financial results for Q2 2026, with EBITDA more than tripling to $9.7 million from $3.1 million in the same period last year. Revenue increased 50.5% to $46.5 million, driven by the Safe Boreas vessel operating at full day-rate. Net loss narrowed significantly to $6.1 million from $23.9 million in Q2 2025.

Charter income rose 24% to $36 million, while other income added $11 million from Safe Boreas reimbursements. Operating expenses grew to $36.8 million from $27.8 million, reflecting higher activity levels and SPS survey costs. Fleet utilization reached 71%, with Safe Boreas and Safe Eurus near 100% utilization. The company's balance sheet showed improved financial health, with net interest-bearing debt dropping to $247 million from $379 million and a critical NIBD/LTM EBITDA ratio improving to 4.0x from 18.0x.

Prosafe holds a 20% market share in Brazil and operates a global fleet of accommodation vessels supporting various offshore energy activities.