Prosafe SE

Earnings Release • Feb 18, 2010

Solid financial results for 2009

A strong operational performance and a rig utilisation rate of 86 per cent

contributed to an operating profit of USD 218.6 million for the year 2009.

Financials

(Figures in brackets refer to the corresponding period of 2008)

Operating profit for 2009 came to USD 218.6 million (USD 232.2 million), which

reflects that the utilisation rate for the rig fleet declined to 86 per cent (92

per cent). The main reason for the lower utilisation rate is that MSV Regalia

was out of operation for over six months in 2009 due to a major refurbishment

and life extension. The effect of the reduced utilisation was to some extent

offset by higher day rates.

Due to IFRS requirements, the unrealised loss of USD 51.9 million on the shares

in Prosafe Production Public Limited has been expensed in the income statement

in the fourth quarter. This unrealised loss has in prior periods been charged

directly to equity, and had therefore no effect on book equity in the fourth

quarter. Book equity increased by USD 17.5 million during the fourth quarter

after dividend payments of USD 27.8 million.

Net financial expenses for 2009 increased to USD 77.7 million (USD 76.8

million). Excluding the unrealised loss on shares, net financial expenses

equalled USD 25.8 million. This improvement is attributable to lower interest

expenses and a more favourable fair value adjustment of currency forwards in

2009 compared to 2008.

Taxes for 2009 amounted to USD 13.7 million (USD 9.4 million positive). This

increase is due to a provision for tax on an unrealised currency gain in Norway.

Net profit for 2009 equalled USD 127.2 million (USD 164.8 million excluding

discontinued operations) and diluted earnings per share were USD 0.57 (USD 0.72

excluding discontinued operations). Excluding the reclassification of the

unrealised loss on shares, net profit and earnings per share equalled USD 179

million and USD 0.80 respectively.

Operating profit for the fourth quarter came to USD 57.2 million (USD 65.6

million). This reduction is mainly due to a decline in rig utilisation to 84 per

cent (88 per cent).

Safe Scandinavia completed its operation in the UK sector of the North Sea in

early October. The rig was subsequently moved to Invergordon, Scotland.

Safe Concordia completed its assignment in Mexico early October. All other

vessels have been fully utilised in the fourth quarter.

Net financial expenses for the fourth quarter were USD 65.0 million (USD 39.4

million), reflecting the reclassification of the unrealised loss on shares as

described above. Net loss for the fourth quarter amounted to USD 8.5 million

(net profit of USD 32.8 million), and earnings per share equalled minus USD

0.04 (USD 0.15).

Total assets at 31 December amounted to USD

1 355.5 million (USD 1 313.9 million), while the book equity ratio increased to

19.5 per cent (9.5 per cent).

The chairman of the board of directors, Mr Reidar Lund, has notified the

election committee that he will resign from the board at the annual general

meeting in May 2010.

Outlook

Safe Bristolia was operating in Mexico until the end of January 2010, and will

mobilise to the North Sea to commence a contract for Nexen in April 2010.

Five of the company's rigs are bareboat chartered to Interpetroleum Services,

operating for Pemex offshore Mexico. The contract for Safe Lancia was extended

until mid April 2010 at an unchanged day rate.

Safe Esbjerg is operating for Mærsk Oil & Gas in the Danish North Sea until June

2011. Safe Esbjerg is planned to be out of operation for 60 days commencing 15

February 2010. Safe Esbjerg will undertake a Special Period Survey in addition

to some refurbishment and steel work on the unit.

Safe Caledonia is operating for Total in the UK North Sea until September 2010.

MSV Regalia started operation for BP Norge at the Valhall field on 12 July

2009. This contract has a firm duration until July 2011 with option periods of

up to six months.

Safe Astoria started a contract for Shell in the Philippines early October. This

contract has a firm duration until the beginning of June with a 30-day option.

Safe Scandinavia completed its 65-day contract with Shell in the beginning of

October and is now anchored at Invergordon, Scotland. Safe Scandinavia has a

firm contract with Statoil, six months commencing early May 2010 and six months

commencing early April 2011.

Safe Concordia completed its assignment in Mexico early October 2009, and the

vessel is currently being marketed for new employment.

Within the harsh and semi-harsh offshore environments where most of Prosafe's

accommodation rigs operate, there is a good supply-demand balance and the number

of new-builds to be delivered over the next few years is limited.

In the North Sea, the majority of the fixed installations is mature and requires

greater maintenance and modifications to uphold production and safe operation.

Increased recovery and tie-ins of satellite fields to existing installations

have extended the lifetime for many fields in the North Sea. Therefore, we

foresee a good outlook for modification and maintenance projects over the coming

years. Prosafe has secured several contracts in the North Sea for 2010. We

expect that several offshore projects in the North Sea will require additional

accommodation in 2011 and 2012, and we foresee higher tender activity in 2010.

The market for semi-submersible accommodation rigs continues to be good in

Mexico, where Pemex has high activity offshore in order to keep up production of

the Cantarell field.

In summary, we expect a good long-term demand for semi-submersible accommodation

rigs, with growth in activity in the North Sea from spring 2011 and in deepwater

regions

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

rigs. Operating profit reached USD 218.6 million in 2009. The company operates

globally, employs 385 persons 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 .

Attachments:  Q4 2009 report, Q4 2009 presentation

Larnaca, 18 February 2010

Prosafe SE

For further information, please contact:

Arne Austreid, President and CEO

Phone no: +357 992 75 030

Karl Ronny Klungtvedt, Exec. VP Strategy and Corporate Planning

Phone no: +47 908 81 657

[HUG#1385826]