Prosafe SE

Regulatory Filings • Dec 21, 2018

Prosafe wins double award

Prosafe wins double award

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

Prosafe has been awarded two contracts for operations in the UK sector of the

North Sea. The Regalia has been chartered for a 60-day duration commencing June

2019, and the Safe Caledonia has been chartered for an 80-day duration

commencing June 2020. Both contracts have 30 days of options linked to the firm

periods.

The Regalia will be reactivated to perform gangway connected DP operations and

is as a result of tightening supply in the North Sea. The reactivation period

will commence within Q1 2019 and include her 5 yearly special periodic survey in

line with classification society requirements.

The Safe Caledonia will be providing accommodation services in support of a

platform turnaround, scheduled to coincide with the Forties pipeline system

(FPS) shutdown in mid-June 2020. Prosafe has pre-agreed optionality with the

client to substitute the Safe Caledonia with another vessel in its fleet if it

so choses.

Total value of the contracts including mobilisation and demobilisation fees,

although excluding the option periods, is approximately USD 23 million.

Jesper Kragh Andresen, CEO of Prosafe says: "We were very keen to provide a

total solution knowing that Prosafe can deliver on these important projects.

Reactivation of the Regalia was always a consideration and this award pays for

the workscope and allows the vessel to be ready at short notice for future

opportunities in both UK and Norway. In 2020, Prosafe will play an important

role in the delivery of the turnaround, and with the vessel optionality, Prosafe

has flexibility to maximise on opportunities."

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.

Stavanger, 21 December 2018

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 907 65 155

Stig H. Christiansen, Deputy CEO & CFO

Phone: +47 478 07 813