Prosafe Lifts 2026 EBITDA Guidance on Strong Q2 Revenue and Fleet Utilization

Prosafe, a Norway-based operator of offshore accommodation vessels, has raised its full-year 2026 earnings guidance after reporting a significant increase in second-quarter revenue and profit. The company attributed the strong performance to higher fleet utilization as more of its vessels returned to service.

Second-Quarter Performance

Prosafe announced on Friday that its financial results for the second quarter showed considerable year-over-year growth. The company reported:

• Q2 Revenue: $46.50 million
• Q2 EBITDA: $9.70 million

These figures were driven by a rebound in operational activity, with four of the company’s five vessels generating revenue during the period. This resulted in a fleet utilization rate of 71%, which Prosafe described as having "good operating performance."

Upgraded Outlook

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Buoyed by the strong quarter and favorable market trends, Prosafe upgraded its full-year 2026 EBITDA forecast to a range of $50 million to $55 million. This moves the projection toward the high end of its previous guidance, the company stated.

Prosafe expects continued earnings growth, supported by an improving dayrate environment and the roll-off of existing contracts, which could allow for repricing at higher market rates. The company highlighted strong global market conditions, particularly in Brazil and Africa, as a key factor improving its backlog and dayrates.

Operational Drivers

The increase in revenue and EBITDA was directly linked to the return of two vessels, the Safe Zephyrus and Safe Notos. Both vessels resumed operations during the second quarter after completing their mandatory five-year surveys, contributing significantly to the higher utilization and earnings, according to the company's report.