Prosafe SE

Earnings Release • Apr 21, 2017

Prosafe SE: Operational update Q1 2017

Prosafe SE: Operational update Q1 2017

The fleet utilisation rate in the first quarter of 2017 was 40 per cent.

Safe Boreas continued the contract with Repsol Sinopec (formerly Talisman

Sinopec) in UK and was in full operation throughout the quarter. The Repsol

Sinopec contract at Montrose has been extended until 24 April 2017 at market

adjusted rates.

Safe Zephyrus completed the contract with Aker BP in Norway at the end of

January and is currently laid-up in the UK.

Safe Notos commenced its three-year and 222-day contract for Petrobras on 7

December 2016 and was on contract throughout the quarter. Safe Concordia was

fully contracted in the quarter for Petrobras and continues on short-term

extensions at a market adjusted day rate.

The Safe Scandinavia Tender Support Vessel (TSV) was fully contracted in the

quarter with Statoil. The TSV contract has a firm period until July 2018.

Safe Caledonia is undergoing a five-year SPS before commencing a 134-day plus

30-day option contract with Total in UK in mid-May 2017.

Regalia, Safe Bristolia, Safe Astoria and Safe Regency were idle in the quarter.

Regalia is laid up in the UK, Safe Bristolia is laid up in Norway while Safe

Astoria is laid up in Indonesia. Safe Regency is laid up in Curaçao and the

company has taken the decision to sell the vessel for scrap in the near term.

Safe Lancia was sold for scrap in the US in March 2017. Following this, Prosafe

has scrapped four vessels as part of its strategy to high grade the fleet,

protect cash-flow and rebalance the market.

The Safe Eurus is in a preserved, strategic stacking mode with COSCO (Qidong)

Offshore Co., Ltd. (COSCO) in China. Prosafe remain 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 newbuilding contracts due to delay and claim repayment of the instalment

paid including interest of approx. USD 60 million 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, 21 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.