June 3rd, 2019 Prosafe / Floatel Merger Combining forces in a challenging and changing market
Prosafe / Floatel Merger: Combining forces in a challenging and changing market A merger is necessary to adapt to a changing market Creates the largest and most versatile fleet in the global accommodation space Strengthens the…
Transaction summary Proposed transaction is structured as a merger between Prosafe and Floatel Share-for-share transaction with fully diluted ownership of 55% Prosafe shareholders and 45% Floatel shareholders. In addition, Floatel…
Proforma capitalization Proforma market capitalization of USD 266m(1) post completion 98m fully diluted shares in Prosafe, including 9.78m warrants from 2018 financing 80m shares to Floatel Combined book value of equity USD 929m…
Snapshot of the combined entity As of 31.03.19 Book value of assets: USD 1.68bn(1) Book value of assets: USD 3.15bn(1) Book value of assets: USD 1.46bn Key Assets Number of vessels: 11x(1) Number of vessels: 16x(1) Number of vessels:…
Floatel Fleet of five modern, high-end accommodation units Floatel Superior Floatel Victory Floatel Endurance Floatel Triumph Floatel Reliance Delivered March 2010 Delivered November 2013 Delivered April 2015 Delivered September…
Combined fleet of twelve modern high-spec vessels with an average age of only 4.4 years Prosafe fleet Floatel fleet Modern Zephyrus Notos Concordia Boreas Superior Victory Endurance Triumph semis Core modern fleet with an…
Combined contract backlog of USD 225m as per 31.03.2019 Safe Scandinavia Oseberg East Ula Safe Caledonia Clair Ridge phase 2 Judy Shearwater Safe Zephyrus Johan Sverdrum Clair Ridge phase 2 Safe Boreas Mariner Safe Concordia Modec FPSO…
Diversified client relationship with exposure to largest offshore reserve holders Prosafe clients Joint clients Floatel clients The combined entity will have a global reach and enhanced client base 10
Increased fleet and expanded presence across multiple geographies Historical development of demand Global fleet overview and demand regions for accommodation units by region 100 % Harsh 5% 4% 6% 6% 10% 8% 10% 10% 9% 11% 14% 90…
Existing financing to remain in silos following combination Simplified new group structure The respective companies will in due course seek consents from Prosafe SE its creditors to the business combination, including amendment (listed…
Available liquidity and debt maturity overview - Liquidity to cover medium term obligations 1 400 Prosafe Floatel 1 200 1 000 800 Liquidity to USDm cover medium - term obligations Limited fixed amortizations until 2023…
Tentative timeline towards closing of the transaction Key events Indicative dates Merger announcement June 3rd Creditor approval period [June - TBD] Review by competition authorities [March August] Extraordinary General…
Prosafe / Floatel Merger: Combining forces in a challenging and changing market A merger is necessary to adapt to a changing market Creates the largest and most versatile fleet in the global accommodation space Strengthens the…
Appendix 16
Details on the Preference Shares to Floatel shareholders The Preference Shares shall have, and be subject to, the following rights and restrictions: Dividend: All distributions of profits, sales proceeds and/or other value transfer or…
Overview of Floatel Board of Directors and Management and key financials Management Board of Directors Peter Jacobsson: CEO Chris Ong: Chairman 30 years of experience within the offshore industry - CEO of Consafe Offshore, various CEO…
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