Prosafe SE

Board/Management Information • Aug 26, 2010

Prosafe appoints new CEO

Prosafe's Board of Directors has appointed Karl Ronny Klungtvedt (37) as the new

CEO of Prosafe SE. Mr Klungtvedt will take up his new position on 1 October and

will be based in Larnaca, Cyprus.

"Our priority was to find a capable CEO with the management skills needed to

build on Prosafe's strong position in the accommodation business segment in the

highly competitive oil and gas industry," says Michael R. Parker, Chairman of

the Board. "We have been pleased to make the appointment from within our own

organisation, where Karl Ronny Klungtvedt has performed to the highest level,

and is highly respected amongst co-workers, investors and other stakeholders. He

brings to the role a sound understanding of the company and the industry which

will enable him to grow the organisation into the future."

Karl Ronny Klungtvedt joined Prosafe in 2002 and has held several senior

positions in Prosafe's management including Chief Financial Officer and latest

as Executive Vice President Strategy and Planning. Prior to joining Prosafe, he

held various positions in Nordea and Accenture. Mr Klungtvedt holds an MPhil in

Economics from University of Cambridge and a BEng in Engineering from University

of Newcastle upon Tyne.

Karl Ronny Klungtvedt says: "I am delighted with the appointment. The company is

now established as the lead supplier in its market and my role will be to

maintain that position and grow the company further for the benefit of our

shareholders, employees, clients and other stakeholders."

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, 26 August 2010

The board of directors of Prosafe SE

For further information, please contact:

Michael Raymond Parker, Chairman of the Board of Prosafe SE

Phone: +34 648 086 895

Arne Austreid, President and CEO

Phone: +357 992 75 030

Karl Ronny Klungtvedt, EVP Strategy and Corporate Planning

Phone: +47 908 81 657

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