Prosafe SE

Business and Financial Review • Jan 20, 2021

Prosafe SE: Operational and financial update Q4 2020

Prosafe SE: Operational and financial update Q4 2020

Operational

The fleet utilisation rate in the fourth quarter of 2020 was 25 per cent (Q4

2019: 23 per cent).

Prosafe and EnQuest agreed on a settlement of the cancelled contract for the

Safe Zephyrus in 2020 with EnQuest paying Prosafe an adequate compensation. The

Safe Zephyrus is currently conducting her five-yearly special periodic survey at

Averøy yard in Norway and preparing for the upcoming contract at the Shearwater

platform for Shell in the UK. The contract is scheduled to commence in February

2021. In addition, Shell retains the option to extend the contract after the

firm duration by up to 30 days.

Safe Caledonia is currently laid up in the UK. The vessel is scheduled to

commence a 162-day contract with a 30-day option for Total at the Elgin platform

in the UK from March 2021.

Safe Eurus has been providing safety and maintenance support to Petrobras during

a three-year contract since November 2019 and was in full operation throughout

the quarter.

The original three-year and 222-day firm contract for the Safe Notos that was

due to complete in July 2020 was suspended for 120 days at zero rate from April

2020. The vessel was back on standby rate in early August 2020 and resumed

operations in early October 2020. The Safe Notos was off-hire for the most part

of January 2021 conducting her five-yearly special periodic survey and will

resume operations from February 2021 continuing through until mid-November 2021.

Safe Concordia was in early January awarded a contract in Trinidad and Tobago.

The vessel is now preparing for this contract which is scheduled to commence in

June/July 2021.

Safe Scandinavia, Safe Boreas and Regalia were idle in the quarter and are laid

up in Norway. Regalia has been sold for recycling with commencement of recycling

in Q1 2021.

Although the impact from Covid-19 on the macro environment has been challenging,

the company has successfully implemented proper safety measurements at

workplaces and vessels to protect people and assets.

Financial

Please refer to separate press release from 5 January  2021 regarding the

ongoing discussion with lenders about a long-term financial solution for the

company.

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

Stavanger, 20 January 2021

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 51 65 24 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Phone: +47 51 64 25 17 / +47 478 07 813

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act