Prosafe SE

Business and Financial Review • Oct 21, 2016

Prosafe SE: Operational update Q3 2016

Prosafe SE: Operational update Q3 2016

The fleet utilisation rate in the third quarter of 2016 was 52 per cent.

Safe Notos, Jasminia and Safe Hibernia are not included in the third quarter

utilisation ratio.

Safe Boreas continued the contract with Repsol Sinopec (formerly Talisman

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

has exercised the first 14-day option at a discounted day rate, extending the

contract at Montrose into December.

Safe Zephyrus commenced the contract with Det norske in Norway late July and was

in operation throughout August and September.

Safe Scandinavia Tender Support Vessel (TSV) and Safe Concordia were fully

contracted in the quarter with Statoil and Petrobras, respectively.

Regalia operated for Shell in the UK from beginning of August until mid-October.

Safe Caledonia completed her operation for BP in August and the vessel has been

laid-up in UK since then.

Safe Bristolia is cold-stacked in Norway after completion of a two-month

contract with BG Group late July.

Safe Notos remains in transit to Brazil and is scheduled to commence a contract

with Petrobras late November.

Safe Astoria, Safe Lancia and Safe Regency were idle in the quarter. Safe

Astoria is cold-stacked in Batam, Indonesia. Safe Lancia is cold-stacked in Port

Isabel, Texas USA and Safe Regency is laid-up in Curaçao.

In August 2016, Jasminia and Safe Hibernia were sold for scrap/recycling in the

USA.

The company incurred non-recurring costs related to the refinancing and

reorganisation activities in the quarter.

Prosafe is the world's 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 October 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 478 07 813

Robin Laird, Acting CFO

Prosafe Offshore Services Pte Limited

Phone: +65 65 59 19 90 / +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.