Letter of Intent for Safe Scandinavia

Prosafe has been awarded a Letter of Intent ("LOI") by an undisclosed client for

the provision of the Safe Scandinavia accommodation support rig at a project in

the British sector of the North Sea. The firm period of the contract linked to

the LOI is four months with on site operations planned to commence August 2012.

In addition Prosafe has granted the client a one-month option.

Total value of the contract for the firm period is about USD 35 million.

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, 12 January 2011

Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer

Prosafe Management AS

Phone: +47 908 81 657

Sven Børre Larsen, Chief Financial Officer

Prosafe Management AS

Phone: +47 909 43 673

Cecilie Ouff, Finance and IR Manager

Prosafe AS

Phone: +47 51 64 25 20 / +47 991 09 467

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1478807]

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