Prosafe SE

Earnings Release • Nov 6, 2018

Prosafe SE: Third quarter 2018 report - Renewed, refinanced and adding order backlog

Prosafe SE: Third quarter 2018 report - Renewed, refinanced and adding order backlog

In the third quarter, Prosafe finalised the transforming agreements with COSCO

and its lenders, secured several contracts and extensions and grew the firm

order book.  EBITDA  for the third quarter amounted to USD 31.3 million (USD

29.6 million). Cash flow from operations was USD 26.6 million (USD 19 million).

"Following the agreements with Cosco and lenders from August to reposition the

company, it is promising to see growth in order intake after several years of

falling order backlog. We are especially glad to see that maintenance and

modification work, which has traditionally been Prosafe's bread and butter, is

being sanctioned again", says Prosafe's CEO Jesper K. Andresen. "Since the start

of this year we have been awarded two such contracts. We are also generally

observing increased tendering activity in the North Sea and internationally.

With a renewed fleet including the possibility to take delivery of three

additional vessels, we are well positioned to take our share of this upcoming

work."

Recent highlights

* Transforming agreements with COSCO and lenders were approved and are

effective from 31 August.

* Continued improvement of the fleet utilisation at 48.1 per cent (38.9 per

cent) and good operating performance in the quarter.

* Grew firm order book.

* EBITDA of USD 31.3 million (USD 29.6 million) reflecting improved

utilisation and cost control partially offset by lower average day rates and

non-recurring costs (USD 1.8 million).

* Improved cash flow from operations in Q3 at USD 26.6 million (USD 19

million).

* In September, the Safe Caledonia was awarded a contract by a major operator

in the UK with a firm period of four months plus two months of options in

* In September, Equinor and Prosafe agreed an addendum to the contract which

extends Safe Boreas' firm operational period through June 2019 with

additional six one-month options.

* In October, Safe Zephyrus was awarded a contract by BP to provide support at

the Clair Ridge platform in the UK. The duration of the contract is five

months with a one-month option, and is scheduled to commence mid-May 2019

following the completion of the Johan Sverdrup contract.

A complete version of the Q3 2018 earnings release is attached and can be

downloaded from www.prosafe.com and 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

6 November 2018

Prosafe SE

Attachments:

Q3 2018 report

Q3 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 to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.