Prosafe SE

Prosafe SE : Prosafe and BG Group have agreed to re-phase the Safe Bristolia work programme

As announced previously, Safe Bristolia sustained damage to lifeboats after

experiencing bad weather during work at the Everest field in UK in October

2014. Operations were suspended and the vessel was brought to the Hanøytangen

shipyard in Norway for repair work.

Therefore, Prosafe and BG Group have agreed to re-phase the Safe Bristolia

accommodation support vessel 2015 work programme at the Everest platform with a

shorter 2015 period and the addition of a new 2016 duration.

Operations at BG Group's Everest platform are scheduled to commence in June

2015 for a firm period of four months. Thereafter, from mid-May 2016, the Safe

Bristolia will return to the Everest platform for two months. In addition and in

relation to the new 2016 duration, Prosafe has granted BG Group two additional

fifteen-day options.

As a result of the re-phased firm period work programme in 2015 and 2016, the

total value of the contract has been reduced to approximately USD 40 million

from USD 68 million previously announced.

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, 22 May 2015

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer

Prosafe Management AS

Phone: +47 51 64 25 00

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1923384]

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