Prosafe SE

Report Publication Announcement • Feb 5, 2019

Correction: Prosafe SE: Fourth quarter 2018 report – Recent developments give raise to continued optimism

Correction: Prosafe SE: Fourth quarter 2018 report – Recent developments give raise to continued optimism

Correction: Inclusive link to attachement.

Fourth quarter 2018 report - Recent developments give raise to continued

optimism

In the fourth quarter, Prosafe had a fleet utilisation of 63 per cent (36.1

percent). EBITDA for the fourth quarter amounted to USD 29 million (USD 42.1

million) and cash flow from operations was USD 25.6 million (USD 44.2 million).

"We had a busy quarter with the highest quarterly utilisation since Q3 2015.

This, combined with the two recent contract awards which are both related to

Maintenance and Modification work in the UK sector, are positive developments.

In addition, we came first in an auction in Brazil in January 2019 which may

allow us to take a newbuild on the water during this year. In sum this gives

raise to continued optimism", says Prosafe's CEO Jesper K. Andresen.

Recent highlights

(Figures in brackets refer to the corresponding period of 2017)

* Reached the highest quarterly fleet utilisation since Q3 2015 at 63 per cent

(36.1 per cent)

* Firm orderbook at USD 209 million per  Q4 2018 (USD 304 million)

* EBITDA of USD 29 million (USD 42.1 million)

* Cash flow from operations at USD 25.6 million (USD 44.2 million).

* Safe Concordia returned to Brazil and commenced work for MODEC in the

quarter.

* Regalia was awarded a 60-day contract in the North Sea commencing June

2019, and Safe Caledonia was awarded an 80-day contract in the North Sea

commencing June 2020.

* In January, Prosafe ranked first in Brazil auction. Upon conclusion of the

process and anticipated contract award, Prosafe will deliver the Safe Eurus

within 150 days. Estimated contract value is above USD 80 million for the

three-year period.

A complete version of the Q4 2018 earnings release is attached and 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 www.prosafe.com (http://www.prosafe.com)

5 February 2019

Prosafe SE

Attachments:

Q4 2018 report

Q4 2018 presentation

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Phone: +47 478 07 813

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

Attachments

* Q4 2018 presentation (https://ml-

eu.globenewswire.com/Resource/Download/ba9edbe4-ac56-4822-aea0-e90214fd3b99)

* Q4 2018 report (https://ml-eu.globenewswire.com/Resource/Download/cc9444d8-

0f27-4788-86c9-07398721df6a)