Prosafe reported an EBITDA of $9.7 million for the second quarter of 2026, rising from $3.1 million during the corresponding period last year.
Revenue for the quarter climbed to $46.5 million from $30.9 million, supported by four of the company's five vessels generating income and a fleet utilisation rate of 71 per cent.
Both Safe Eurus and Safe Boreas remained on hire throughout the period, whilst Safe Zephyrus and Safe Notos resumed operations following the completion of five-year special periodic surveys in April.
Meanwhile, Safe Caledonia remained in layup ahead of a contract starting in the second quarter of 2027, following the transition of a letter of intent into a firm agreement in May.
For the first half of the year, EBITDA reached $24.5 million on revenues of $94.6 million, compared to $7.7 million and $63.9 million respectively in 2025.
Operational cash flow stood at negative $14.2 million for the quarter and positive $40.5 million across the six-month period, whilst total liquidity closed at $52.3 million compared to $65.3 million at year-end 2025.
Capital expenditure reached $15.1 million in the quarter and $42.5 million for the first half, driven primarily by survey and maintenance work on Safe Zephyrus and Safe Notos. The company recorded an order backlog of $407 million including options at the end of the quarter, supported by tender activity in Brazil and Africa.
Following the results, full-year EBITDA guidance was raised to between $50 million and $55 million, representing the upper bound of the previous forecast range.
Chief Executive Officer Reese McNeel stated that the business has, "full attention on extending the backlog beyond 2027 at terms reflecting the strong global market for high-end offshore accommodation vessels."