Prosafe SE

Prosafe SE: Prosafe extends standstill agreement with Cosco

Prosafe remains focussed on its fleet high-grading strategy and continues to

work with COSCO Shipping (Qidong) Offshore Co. Ltd (COSCO) to find a

comprehensive commercial solution for the three Prosafe vessels that currently

reside in COSCO's Qidong shipyard in China.

The Safe Eurus is in a preserved, strategic stacking mode and negotiations

continue with COSCO to find a workable commercial solution.

The standstill agreement between Prosafe and COSCO related to Safe Nova and Safe

Vega has recently been extended until 20 May 2018. Prosafe remains in

negotiations with COSCO and related parties for a workable commercial solution

for Safe Nova and Safe Vega. If no agreement is reached, Prosafe has the right

to claim cancellation of the newbuild contracts due to delay, and claim

repayment of the instalments paid including interest of approx. USD 60 million

in total, secured by a refund guarantee from Bank of China.

Prosafe is a leading owner and operator of semi-submersible accommodation

vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo

Stock Exchange with ticker code PRS. For more information, please refer to

www.prosafe.com

Larnaca, 2 April 2018

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Prosafe Management AS

Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Prosafe Management AS

Phone: +47 478 07 813

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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