Prosafe completes $193m debt-to-equity swap, cuts net debt

Prosafe SE reported Q2 2025 EBITDA of $3.1 million, down from $6.6 million in Q2 2024, with revenues falling to $30.9 million from $34.2 million.

However, the company completed a critical recapitalization on July 21, 2025, converting $193 million of debt into 90% of shares and securing $75 million in new liquidity, reducing net debt to an estimated $220 million.

The company secured a four-year Petrobras contract for Safe Notos at a significantly increased day rate and expects 2025 EBITDA between $35 million and $40 million.