Prosafe SE

Earnings Release • Aug 12, 2016

Prosafe SE: Operational update Q2 2016

Prosafe SE: Operational update Q2 2016

The fleet utilisation rate in the second quarter of 2016 was 41 per cent.

Safe Boreas commenced the contract with Talisman Sinopec in the UK mid-March and

was fully contracted throughout the quarter.

Safe Zephyrus was delivered from the yard in the first quarter of 2016 and

received Acknowledgement of Compliance from the Petroleum Safety Authority

Norway (PSA) in July. The vessel commenced a contract with Det norske in Norway

late July.

Safe Scandinavia Tender Support Vessel ('TSV') commenced a contract with Statoil

in Norway mid-March. Drilling support operations successfully commenced at the

beginning of April with a firm contract period through until July 2018.

Regalia commenced a contract with Shell in the UK late May.

Safe Concordia and Safe Caledonia were fully contracted in the quarter.

Safe Bristolia commenced a contract with BG Group mid-May in the UK for a two-

month firm period. This contract has been completed and the vessel is now laid-

up in Norway.

Safe Notos was delivered from COSCO, (Qidong) in the first quarter of 2016 and

is in transit to Brazil to perform the contract with Petrobras. The vessel is

expected to arrive in Brazil early in the fourth quarter of 2016. The extended

Safe Notos contract is now three years plus 222 days and the total contract

value is USD 189 million.

Safe Astoria was idle in the quarter and is cold-stacked in Batam, Indonesia.

Safe Lancia is cold stacked in Port Isabel, Texas, USA. The

company incurred off-hire and demobilisation costs as well as costs related to

the removal of thrusters on the vessel in the second quarter.

Safe Regency has transited from Aruba and is now preparing for lay-up in

Curaçao. The company incurred off-hire costs for the vessel in the second

quarter.

In June 2016, Safe Britannia was sold for scrap/recycling in the US. The company

incurred off-hire and demobilisation costs in the quarter until the vessel was

sold.

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

US. The company incurred lay-up and demobilisation costs in the quarter.

Safe Notos and Safe Zephyrus are not included in the second quarter utilisation

ratio above.

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, 12 August 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 51 64 25 17 / +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.

[HUG#2034827]