Prosafe SE

Regulatory Filings • Apr 26, 2017

Prosafe SE: Prosafe awarded Johan Sverdrup contract

Prosafe SE: Prosafe awarded Johan Sverdrup contract

Statoil Petroleum AS ("Statoil") has awarded Prosafe a contract for the

provision of the Safe Zephyrus semi-submersible accommodation vessel for Phase

1 of the Johan Sverdrup hook-up and commissioning project in the Norwegian

sector of the North Sea.

The contract duration will be one of three scenarios available to Statoil for

nomination in early August 2017; either a 12 month firm period from late Q2

2018, or a 12 month firm period from late Q3 2018 with 4 months of options, or

lastly 5 months firm from late Q2 2018 plus 6 months of options and 4 months

firm from Q2 2019 plus 4 months of options.

The value of the contract firm period will be between MUSD 51 and MUSD 53

including fuel, mobilisation and demobilisation depending on the scenario

nominated. Revenue generated from the provision of catering services is in

excess of the total value.

The contract will provide longevity of operations for the Safe Zephyrus and

generate a firm cash flow in a soft market. The combination of building order

book and longevity with the retained optionality from other vessels in the fleet

represents a balanced situation for Prosafe.

Johan Sverdrup is the largest discovery on the Norwegian continental shelf in

recent history, and Prosafe is pleased to work with Statoil and its partners on

this significant project. Prosafe was selected by Statoil due to the company's

proven track record with safe and efficient operations, the quality of the Safe

Zephyrus and the commercial proposal offered. The Safe Zephyrus is one of the

most advanced accommodation semi-submersible vessels in the world, capable of

ensuring the best operability through high gangway connectivity in the harshest

of environments whilst providing a total of 450 beds.

Jesper Kragh Andresen, Prosafe CEO states "Prosafe regard this contract award as

a significant milestone and we are ready to deliver the highest quality of

vessel and service. Statoil is a key client and this was a very important

contract for the company to win and we anticipate that this will position the

Safe Zephyrus well for any additional work at the Johan Sverdrup development."

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, 26 April 2017

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Prosafe Management AS

Phone: +47 51 64 25 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Prosafe Management AS

Phone: +47 51 64 25 17 / +47 478 07 813

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20 / +47 991 09 467

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.