Prosafe SE

M&A Activity • May 30, 2024

Prosafe SE: Prosafe issued Conditional Letter of Intent for Safe Boreas

Prosafe SE: Prosafe issued Conditional Letter of Intent for Safe Boreas

Oslo, 30 May 2024

Prosafe has been issued a Conditional Letter of Intent (CLoI) for the Safe

Boreas to provide gangway connected operations to support a project off the

coast of Western Australia. The CLoI is conditional upon execution of a final

contract.

The firm duration of the contract linked to the CLoI is 15 months with up to six

months of options. The Safe Boreas will mobilise from the North Sea within Q2

2025. Safe Boreas will undergo its five-yearly special periodic survey and other

maintenance works prior to commencement of the contract.

The value of the contract linked to the CLoI is approximately USD 75 million to

USD 100 million depending on options.

The Safe Boreas is one of the world's most advanced and versatile semi-

submersible DP-3 accommodation vessels and complies with stringent rules in

Australia, Norway and UK. Single person cabins, extensive recreation facilities,

combined with a large deck area, cranes and passive motion compensated gangway

will ensure the highest level of performance.

Terje Askvig, CEO of Prosafe says: "Prosafe is proud to receive this Conditional

LoI and confident of formalising to contract. With Safe Boreas, the client will

receive a vessel with the highest standard and reputation in supporting the

world's foremost hook-up and commissioning projects. The market outside the

North Sea has seen an increasing level of activity and high-end offshore

accommodation demand and this CLoI is further evidence of this trend."

Prosafe is a leading owner and operator of semi-submersible accommodation

vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.

For more information, please refer to https://www.prosafe.com

(https://www.prosafe.com/)

For further information, please contact:

Terje Askvig, CEO

Phone: +47?952 03 886

Reese McNeel, CFO

Phone: +47?415 08?186

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act