Prosafe SE

Earnings Release • May 3, 2016

Prosafe SE: Operational update Q1 2016

Prosafe SE: Operational update Q1 2016

The fleet utilisation rate in the first quarter of 2016 was 37 per cent.

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

Safe Boreas commenced contract mid-March in the UK.

Regalia was idle in the quarter and will commence contract within May in the UK.

Safe Bristolia was in the yard during the quarter completing class renewals. She

is scheduled to commence contract within May in the UK.

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

The contracts that the Safe Lancia and Safe Regency were deployed on for Cotemar

Group were suspended by Pemex mid-March 2016. The vessels remained in Mexico in

the first quarter. Safe Lancia is being prepared for cold-stacking in the US.

Safe Regency is being mobilised to a suitable lay-up location.

Jasminia and Safe Britannia were off-hire during the first quarter. Safe

Hibernia came off contract mid-February. Prosafe has decided to scrap these

three vessels.

Off-hire cost and demobilisation cost incurred in the quarter for the vessels in

Mexico.

Safe Scandinavia Tender Support Vessel ('TSV') commenced contract mid-March in

Norway. Drilling support operations successfully commenced in the beginning of

April with the firm period through until July 2018. The mobilisation fee of USD

12 million for the TSV was recognised as income in the first quarter.

Prosafe and Statoil (U.K.) Ltd agreed to re-phase the contract for the Mariner

Project in the UK Continental Shelf of the North Sea from 2016 into 2017. A re-

phasing charge of USD 30 million was paid and has been recognised as income in

the first quarter 2016.

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

transit to the North Sea in preparation for contract in Norway early Q3 2016.

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

in international anchorage offshore Singapore.

Safe Zephyrus and Safe Notos were not included in the first quarter utilisation

ratio above.

Prosafe is the world's leading owner and operator of semi-submersible

accommodation vessels. The company operates globally, employs 850 people and is

headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange

with ticker code PRS. For more information, please refer to www.prosafe.com

Larnaca, 3 May 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting Chief Executive Officer and Chief Financial

Officer

Prosafe Management AS

Phone: +47 51 64 25 17

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#2008984]