Prosafe SE

Earnings Release • May 12, 2010

First quarter 2010 results

Operating profit for the first quarter came to USD 40 million and net profit

amounted to USD 26.8 million. Prosafe expects a good long-term demand for

semi-submersible accommodation rigs, with growth in activity in the North Sea

and in deepwater regions.

Financials

(Figures in brackets refer to the corresponding period of 2009)

Operating profit for the first quarter came to USD 40 million (USD 37.5

million). This improvement is mainly due to higher income for Safe Astoria.

Utilisation of the rigs declined to 73 per cent (77 per cent).

Safe Esbjerg was in operation until mid-February, when the jack-up rig was

mobilised to Gdansk to undertake class renewal, steel work and refurbishment.

Safe Bristolia was in operation in Mexico until late January before the rig was

mobilised to the North Sea. The rig has a contract in the UK North Sea from the

beginning of April 2010.

Safe Scandinavia was idle in the first quarter. Safe Scandinavia has a firm

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

early April 2011.

Safe Concordia was idle in the first quarter and the rig is currently being

marketed for new employment.

All the other eight rigs have been fully utilised in the first quarter.

Net financial expenses for the first quarter were USD 12.4 million (USD 8.9

million). This increase is due to revaluation of forward exchange contracts.

Net profit amounted to USD 26.8 million (USD 26.3 million), and earnings per

share to USD 0.12 (USD 0.12).

Total assets at 31 March amounted to USD

1 352.6 million (USD 1 343.4 million), while the book equity ratio rose to 22.2

per cent (10.4 per cent).

Dividend

The board of directors resolved on 12 May 2010 to declare an interim dividend

equivalent to USD 0.095 per share to shareholders of record as of 25 May 2010.

The shares will trade ex-dividend on 20 May 2010. The dividend will be paid in

the form of NOK 0.58 per share on 3 June 2010.

Outlook

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

operating for Pemex offshore Mexico. These five rigs have firm contracts as

follows: Safe Lancia until mid-May 2010, Jasminia until December 2010, Safe

Hibernia until May 2011, Safe Britannia until January 2013 and Safe Regency

until August 2013.

Safe Concordia and Safe Lancia are currently being marketed towards long-term

contracts.

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

2009. This contract has a firm duration until the end of June.

Safe Esbjerg recommenced operation for Maersk in the Danish North Sea in

mid-April. The contract runs until June 2011.

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

MSV Regalia is operating for BP in the Norwegian North Sea. The contract with BP

has a firm duration until July 2011.

Safe Scandinavia has a firm contract with Statoil, six months that commenced

early May 2010 and six months from early April 2011.

Safe Bristolia is on contract with Nexen in the North Sea until the end of

September 2010.

In the North Sea, the majority of the fixed installations are mature and require

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 see a

good market for modification and maintenance projects over the coming years.

Prosafe has secured several contracts in the North Sea for 2010. There are also

opportunities for some more work in the North Sea during the coming winter. We

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

accommodation from spring/summer 2011 and 2012.

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. Prosafe currently has five rigs operating in Mexico and we

expect a stable development going forward.

We have also identified potential accommodation projects in Asia/Australia and

Brazil with possible start-up late this year or early next year.

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

rigs, with growth in activity in the North Sea and in deepwater regions.

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

.

Attachments:  Q1 2010 report, Q1 2010 presentation

Larnaca, 12 May 2010

Prosafe SE

For further information, please contact:

Arne Austreid, President and CEO

Phone: +357 2462 1746 / +357 992 75 030

Karl Ronny Klungtvedt, EVP Strategy and Corporate Planning

Phone: +47 908 81 657

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

(Norwegian Securities Trading Act)

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