Prosafe says backlog at 10-year high, all high-end vessels contracted into 2027

Citing strong market fundamentals and rising day rates, Reese McNeel said Prosafe had moved into 2026 “with a strong foundation for long-term value creation with all high-end vessels on contract into 2027 and a backlog at a near 10-year high, reflecting… new contracts at materially higher day rates.”

Announcing Q4 2025 results, Prosafe said it is on track to deliver strong EBITDA growth supported by cost- efficient operations and capital discipline.”

Prosafe is doing particularly well in Brazil, where it has a leading position, with backlog extending into 2030. The company has also benefited from a cost and operational efficiency drive, and is exploring ‘strategic opportunities’ and potential M&A activity.

In a presentation about its Q4 2025 results, Prosafe said its fleet had 100% utilisation in Q4 2025 with all five units on contract, and good operating and safety performance. Apart from Brazil, where the company has 20% of the market, Africa, where demand is also growing, is also creating opportunities for Prosafe.

Prosafe reported EBITDA of US$21.1M (US$8.4M in the previous year) for Q4 2025. All five of the company’s vessels generated revenue throughout the quarter. Full-year 2025 EBITDA was US$40.0M, at the high end of the company’s guided range for the year, and up from US$27.2M in 2024.

Based on its increased order backlog, continued market improvements, reduced costs and the 2025 recapitalisation, Prosafe said it is set to deliver continued earnings growth in 2026 with full-year EBITDA expected in the range of US$45-55M.