Prosafe SE

Board/Management Information • May 27, 2010

Prosafe's Board accepts President and CEO's resignation

President and CEO Arne Austreid has today tendered his notice of resignation to

the Board of Directors of Prosafe SE.

"I have been with Prosafe for 12 years. It has been exciting to be a part of the

successful development of Prosafe, and a privilege to lead Prosafe to what it is

today. I will miss many skilled colleagues when I leave Prosafe. I have,

however, accepted an offer for a leading position in a company outside the oil

industry," says Arne Austreid.

"We regret that Arne Austreid has decided to leave Prosafe. He has delivered a

solid performance for the company, and contributed to the success of Prosafe. I

wish Arne Austreid every success in his future endeavours," says Chairman of the

Board of Prosafe SE, Michael R. Parker.

The Board will immediately start the process of recruitment of a successor

however Arne Austreid will continue in his current position for a period of up

to six months in order to ensure a smooth transition.

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

accommodation/service rigs. Operating profit reached USD 218.6 million in 2009.

The company operates globally, employs approx. 400 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, 27 May 2010

The board of directors of Prosafe SE

For further information, please contact:

Michael Raymond Parker, Chairman of the Board of Prosafe SE

Phone: +34 95 127 6572

Karl Ronny Klungtvedt, EVP Strategy and Corporate Planning

Phone: +47 51 64 25 81/+47 908 81 657

[HUG#1419123]