Prosafe SE

Earnings Release • Aug 22, 2019

Prosafe SE: Second quarter and first half 2019 report – Merger process with Floatel ongoing

Prosafe SE: Second quarter and first half 2019 report – Merger process with Floatel ongoing

Fleet utilisation in the second quarter of 2019 was 71.6 per cent, the highest

since Q3 2015. Three new contracts were awarded since the last quarter. Reported

EBITDA for the second quarter amounted to USD 53.1 million (USD 57.1 million).

Cash flow from operations was USD 18.1 million (USD 43.5 million).

Recent highlights

* On 3 June, Prosafe SE and Floatel Internatinal Ltd signed an agreement to

merge their respective businesses to create a more cost efficient company.

* Prosafe SE completed the legal redomicilation from Cyprus to Norway.

* High fleet utilisation of 71.6 per cent (45.8 per cent) with an average rate

of USD 123k (USD 235k)

* Improved firm orderbook of USD 199 million per Q2 2019 (USD 184 million).

* Reported EBITDA was USD 53.1 million (USD 57.1 million) in the quarter.

Underlying EBITDA in the quarter adjusted for one-off effects was USD 36.9

million.

* Cash flow from operations at USD 18.1 million (USD 43.5 million).

* A three-year contract was signed with Petrobras for the Safe Eurus in

Brazil.

* Equinor Brazil awarded a contract to the Safe Concordia for a firm duration

of 120 days with up to 60 days of options.

* Total UK awarded a contract to the Safe Caledonia for a firm period of 162

days plus one 30-day option.

* Prosafe took delivery of the Safe Eurus on 4 July.

* Equinor exercised a one-month option for the Safe Boreas on 16 August

Jesper K. Andresen, Prosafe's CEO says, "Despite general low activity in the

market, it is positive that we were awarded three contracts since the last

quarterly report. Further, the merger process with Floatel International is high

on our agenda these days, a merger that is needed to create a cost efficient and

sustainable company for global offerings to our clients."

A complete version of the Q2 2019 earnings release and the Q2 2019 presentation

can be downloaded from www.prosafe.com (http://www.prosafe.com/) and

www.newsweb.no (http://www.newsweb.no/)

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/)

21 August 2019

The Board of Directors of Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO&CFO

Phone: +47 478 07 813

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This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act