olivLaw · European equity research
Prosafe SE PRS.OL
Norway · Euronext Oslo Børs · ISIN NO0010861990 · Vertical: Listed companies from Norway
Prosafe SE operates semi-submersible offshore accommodation vessels that it charters for oil and gas projects, mainly in Brazil and the North Sea. After its July 2025 recapitalisation reduced debt and improved liquidity, demand for high-end vessels is rising, according to its annual report.
At the close of 06 Nov 2026, Prosafe SE (PRS.OL) stock was 4.28 NOK (+1.90% on the day), with beta 0.42, 52-week range 3.03–6.30 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.1
- weak (30–45)
- Bollinger (20, 2)
- 4.21 – 5.13
- in the lower half of the band · %B 0.07 · band width 19.6%
- SMA 50 / 200
- 4.89 / 4.31
- mixed trend
- MACD (12, 26, 9)
- -0.15 / -0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.1% | −0.6% | −8.5 pp | — |
| 3 months | −27.6% | −4.2% | −23.4 pp | — |
| 6 months | +22.3% | +4.3% | +18.0 pp | — |
| Year to date | +14.1% | +7.5% | +6.6 pp | — |
| 1 year | +33.5% | +9.9% | +23.6 pp | −4.7% |
| 3 years | −93.3% | +49.8% | −143.1 pp | +12.7% |
| 5 years | −99.6% | +42.8% | −142.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 97.7 m | 139.8 m | 188.4 m |
| Revenue YoY | unavailable | +43.1% | +34.8% |
| Net income | -67.8 m | -46.7 m | 142.5 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -6.00 | -2.61 | 0.85 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -69.4% | -33.4% | 75.6% |
| Free cash flow | -49.2 m | 6.4 m | -18.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 65.3 m USD
- Financial debt
- 290.4 m USD
- Net debt
- 225.1 m USD
- Equity
- 141.6 m USD
- Total assets
- 493.3 m USD
- Debt / equity
- 2.05x
- Current ratio
- 1.95x
- ROE
- unavailable
- ROA
- 30.4%
- FCF margin
- -9.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 97.7 m | 139.8 m | 188.4 m | esef· 21 Oct 2026verified |
| Operating income | -41.6 m | -14.2 m | 7.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | -73.2 m | -44.6 m | 143.3 m | esef· 21 Oct 2026verified |
| Income tax | -5.4 m | 2.1 m | 800.0 k | esef· 21 Oct 2026verified |
| Net income | -67.8 m | -46.7 m | 142.5 m | esef· 21 Oct 2026verified |
| Diluted EPS | -6.00 | -2.61 | 0.85 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 74.6 m | 46.8 m | 65.3 m | esef· 21 Oct 2026verified |
| Inventories | 5.0 m | 5.0 m | 3.2 m | esef· 21 Oct 2026verified |
| Current assets | 107.2 m | 81.9 m | 116.2 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.8 m | 4.3 m | 3.6 m | esef· 21 Oct 2026verified |
| Total assets | 492.7 m | 442.7 m | 493.3 m | esef· 21 Oct 2026verified |
| Long-term debt | 415.5 m | 67.7 m | 290.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 41.6 m | 386.6 m | 59.5 m | esef· 21 Oct 2026verified |
| Equity | 33.8 m | -13.2 m | 141.6 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 11.3 m | 17.9 m | 165.7 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -11.5 m | 23.1 m | 36.9 m | esef· 21 Oct 2026verified |
| Capex | 37.7 m | 16.7 m | 55.5 m | esef· 21 Oct 2026verified |
| Free cash flow | -49.2 m ≈ | 6.4 m ≈ | -18.6 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -33.9 m | -14.4 m | -46.3 m | esef· 21 Oct 2026verified |
| Financing cash flow | 28.4 m | -36.5 m | 27.9 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.78 – 26.85 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E7.78 – 26.85 (Mid 16.79)19 companies used · median multiple 19.8x · quartiles 9.2x – 31.6xABG.OL, ABTEC.OL, AFG.OL, AKER.OL, AKSO.OL, AKVA.OL, APR.OL, ARR.OL, ATEA.OL, AUSS.OL, B2I.OL, BONHR.OL, BOR.OL, BOUV.OL, BRG.OL, CLOUD.OL, DELIA.OL, ELK.OL, ELMRA.OL
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 3.9% | 36 (vs peers) | 38% |
| Net margin · Quality | 75.6% | 97 (vs peers) | 23% |
| FCF conversion · Quality | -13.1% | 0 (on a fixed band) | 23% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.0x | 96 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial96/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality43/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PROSAFE SE (PRS.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 188.4 m USD in 2025; YoY growth 34.8%; net margin 75.6%; ROE 222.0%.
The estimated value range is 7.78–26.85 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 75.6%
- Current ratio: 2.0x
What contradicts it
- FCF conversion: -13.1%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for PRS.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Prosafe SE operates semi-submersible offshore accommodation vessels that it charters for oil and gas projects, mainly in Brazil and the North Sea. After its July 2025 recapitalisation reduced debt and improved liquidity, demand for high-end vessels is rising, according to its annual report.1
SWOT
Strengths
- The company has increased fleet utilisation and revenue, and the recapitalisation substantially reduced debt.
- A strong presence in Brazil, where it runs local operations and employs national crew.
- A zero-incident philosophy in operations, with zero accidental environmental discharges in 2025.
Weaknesses
- The fleet is small, so losing a single contract could significantly affect revenue.
- Debt remains high, and financing agreements include change of control clauses and dividend restrictions.
- The 2025 profit was influenced by a one-off recapitalisation gain rather than current operating activity.
Opportunities
- Demand for high-end vessels could grow in Brazil, Guyana, West Africa, Australia and Asia.
- New contracts for vessels reaching the end of current contracts could strengthen long-term revenue.
- New liquidity could allow fleet investment if projects become attractive.
Threats
- Demand depends on operator investment, which may fall because of regulation or energy prices.
- Recontracting of vessels after 2027 is uncertain and may be affected by market supply.
- Global events such as conflicts or pandemics can affect capital markets and energy prices.
Risks
- Recontracting riskhigh
Vessels reaching the end of current contracts could be left without work if no new clients are found. The report identifies this as a commercial risk.
- Dependence on Brazil and the North Seamedium
A large share of activity depends on a few regions, so a change in investment there could affect revenue.
- Debt and financing covenantsmedium
Interest-bearing debt remains significant, and agreements include change of control clauses and a minimum liquidity covenant.
- Change in leadershiplow
The chief executive resigned in 2025 and new officers were appointed on an interim and then permanent basis, which could affect strategic continuity.
- Offshore operations and safety risksmedium
Offshore operations carry safety, environmental and cyber-security risks, and incidents could generate costs and lost contracts.
Investment thesis
What would need to be true (bull case)
- Demand for high-end vessels has grown and existing contracts suggest continuity, which could support fleet utilisation.
- The recapitalisation reduced debt and increased liquidity, which could allow investment if the market improves.
- A presence in Brazil and new projects in Australia and Asia could open long-term opportunities.
What would break the thesis
- Revenue depends on a small number of vessels, so losing one contract could materially reduce results.
- The 2025 profit was shaped by a one-off recapitalisation gain, which may not reflect current activity.
- Demand depends on operator investment, and a fall in energy prices could reduce new contracts.
What to watch
- New contracts for Safe Eurus and Safe Zephyrus in Brazil or the adjacent region2027
- New contracts for Safe Boreas after the Australia contract ends2027
- Fleet utilisation and vessel uptime trendsQ1 2027
- Compliance with the minimum liquidity covenant and trend in interest-bearing debtnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Prosafe provides semi-submersible offshore accommodation vessels used by FPSO operators and oil companies on long-term contracts. According to the annual report, operating revenues in 2025 were 188.4 million USD and fleet utilisation rose to 75.1%.1 The corporate headquarters was established in Oslo, while operational functions were moved to Brazil.1
The company operates a fleet of five vessels, three of which are employed in Brazil.1 Revenue depends on day rates and the uptime of vessels on contract; in 2025 growth came from the reactivation and deployment of Safe Caledonia and Safe Boreas.1
Prosafe had 305 employees at the end of 2025 and follows a governance framework based on the Norwegian Code of Practice for Corporate Governance.1 Following the recapitalisation in July 2025 the board was replaced and management was renewed.1
Segments
Offshore accommodation vessels
The core segment is the charter of semi-submersible accommodation vessels on long-term contracts. Demand for high-end units rose to eleven active vessels in 2025, compared with ten in 2024.1 Earnings depend on utilisation and on renewing contracts, especially for Safe Eurus and Safe Zephyrus from 2027.1
Market context
Demand for semi-submersible accommodation vessels depends on field development and maintenance investment, and the number of active high-end vessels rose to eleven in 2025.1 The annual report points to further demand growth in 2026, especially in Brazil, Guyana, West Africa, Australia and Asia, but the market remains sensitive to energy prices and the regulatory environment.1
The company notes that North Sea demand depends on operators' investment decisions and sentiment in the oil and gas industry.1 Prosafe is focused on winning new work for vessels whose current contracts end in 2027.1
Trends
- Rising demand for high-end vesselstailwind
The number of active high-end vessels has grown, and contracts awarded by Petrobras and other operators point to further demand growth in 2026.1 If this trend continues it could support Prosafe's fleet utilisation.
- Expansion into West Africa, Australia and Asiatailwind
Projects in Guyana, West Africa, Australia and Asia are increasing interest in semi-submersible vessels, and the Safe Boreas contract in Australia reflects this development.1
- Dependence on operator investmentheadwind
Demand depends on field development and maintenance investment, which are shaped by regulation and by sentiment in the oil and gas market.1 A fall in investment could reduce demand.
- Contract renewals due in 2027mixed
Contracts for Safe Eurus, Safe Zephyrus and Safe Boreas end in 2027, and recontracting is identified as a commercial risk.1 The outcome could strongly influence future revenue.
Competitive position
The annual report does not name competitors, but it identifies commercial risk linked to competitive position and to supply and demand in the market, which can affect recontracting of vessels.1 Competition in this segment depends on the availability of high-end vessels and the ability to meet the requirements of new projects.1
Prosafe's position depends on its fleet of semi-submersible vessels and its presence in Brazil, where it runs local operations and uses national crew.1 The report does not provide a detailed comparison with other operators.1
- Other semi-submersible accommodation vessel operators
The annual report does not name competitors; they may win contracts in markets where Prosafe seeks recontracting.
- Offshore service providers in Brazil
Local competition may influence contracts with FPSO operators in the region, without detail in the report.
- Offshore service providers in the North Sea
North Sea demand depends on operator investment, which also attracts other suppliers.
- Vessel providers for Asia and Australia
Projects in this region may attract local or international providers competing with Prosafe.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202421 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Prosafe SE · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.