Prosafe SE

Capital/Financing Update • Nov 9, 2020

Prosafe SE: Safe Notos contract extension with Petrobras

Prosafe SE: Safe Notos contract extension with Petrobras

Prosafe has signed a contract extension with Petrobras Netherlands B.V.

('Petrobras') for the provision of the Safe Notos semi-submersible vessel for

safety and maintenance support offshore Brazil.

The original three years and 222-day firm period was due to complete in July

2020, but the extension will result in operations through to mid-November 2021.

The contract extension allows for up to 30 days for 5-yearly class renewal

inspections.

Total value of the contract amendment including the extension is approximately

USD 28.7 million.

The Safe Notos, a technologically advanced and efficient Dynamically Positioned

(DP3), harsh environment semi-submersible safety and maintenance support vessel,

can accommodate up to 500 persons with extensive recreation facilities. In

addition with a large capacity open deck area and telescopic gangway, the Safe

Notos provides Petrobras with 300 tonne lift capability.

Jesper Kragh Andresen, CEO of Prosafe says: "Prosafe is pleased that an

agreement has been found to extend the Safe Notos throughout almost all of 2021

at a premium rate compared to recent auctions. The Safe Notos has performed

extremely well since commencing operations with Petrobras in December 2016, and

we look forward to the continued operations."

Prosafe is a leading owner and operator of semi-submersible accommodation

vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.

For more information, please refer to www.prosafe.com (http://www.prosafe.com)

Stavanger, 9 November 2020

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 51 65 24 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Phone: +47 51 64 25 17 / +47 478 07 813

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act