Prosafe SE

Earnings Release • Jul 29, 2015

Prosafe SE: Operational update Q2 2015

Prosafe SE: Operational update Q2 2015

The fleet utilisation rate in the second quarter of 2015 was 58 per cent.

Regalia, Safe Astoria, Safe Regency, Safe Lancia and Safe Hibernia were fully

contracted during the quarter.

Safe Britannia underwent a planned DP upgrade during the second quarter and was

off-hire for 30 days. Jasmina is still off-hire after going off contract in late

February 2015.

Safe Concordia completed a five-year Special Periodic Survey and upgrade works

at the Maua Shipyard in Brazil during the quarter. The contract with Petrobras

re-commenced on 30 June 2015.

The new build Safe Boreas arrived in Norway in April. The contract with Lundin

Norway AS for support in connection with the hook-up and commissioning of the

Edvard Grieg platform in the North Sea commenced in mid-May.

Safe Caledonia was contracted to Nexen Petroleum U.K. until the end of April.

The contract with BP Exploration Operating Company Limited for support at the

Andrew field in UK commenced on 10 July 2015.

The contract for Safe Astoria with Shell Philippines Exploration B.V. at the

Malampaya field has been extended by another 15 days until mid-August.

Safe Bristolia completed repair work at the Hanøytangen shipyard in Norway

during the quarter. The contract with BG International Limited for work at the

Everest field in UK commenced on 1 June 2015 in accordance with the announcement

made on 22 May 2015.

The conversion of Safe Scandinavia to a Tender Support Vessel at the Westcon

yard in Ølensvåg, Norway, continued during the second quarter. The project is

experiencing some further delays and the start-up of the contract for Statoil is

expected in the fourth quarter of 201

As a result of the extended yard stays for Safe Scandinavia and Safe Concordia,

as well as further cost increases related to the Safe Bristolia repair work the

total capital expenditure for 2015 is expected to increase by 5 to 10 per cent

relative to previous guidance.

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

accommodation vessels. Operating profit reached USD 248.3 million in 2014 and

net profit was USD 178.8 million. The company operates globally, employs 800

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, 29 July 2015

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Sven Børre Larsen, Chief Financial Officer

Prosafe Management AS

Phone: +47 51 64 25 30

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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