Prosafe SE

Earnings Release • Nov 4, 2010

Third quarter 2010 results

Operating profit amounted to USD 83 million, which is the best ever quarterly

result, and net profit amounted to USD 72 million. Prosafe expects a good long-

term demand for semi-submersible accommodation rigs, with stable activity in the

North Sea and Mexico and growth in deepwater regions.

Financials

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

Operating profit for the third quarter amounted to USD 83.0 million (USD 77.1

million), which is the best quarterly result ever for Prosafe. Utilisation of

the rig fleet was 80 per cent (96 per cent). The main contributing factor to the

improved result is higher day rates.

Safe Lancia was in operation in Mexico until 6 August, and commenced a new

contract in Mexico on 19 August.

Safe Caledonia was in operation until mid-September, whereas Safe Concordia and

Safe Astoria were idle in the third quarter.

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

Net financial costs amounted to USD 6.4  million (USD 8.4 million). This

improvement reflects a higher increase in market value of currency forwards.

Taxes amounted to USD 4.6 million (USD 2.4 million), and net profit equalled USD

72.0 million (USD 66.3 million), corresponding to diluted earnings per share of

USD 0.32 (USD 0.30).

Total assets at 30 September amounted to USD 1 389.7 million (USD 1 420.3

million), while the book equity ratio increased to 28.8 per cent (17.3 per

cent).

Dividend

The Board of Directors resolved on 3 November 2010 to declare an interim

dividend equivalent to USD 0.095 per share to shareholders of record as of 15

November 2010. The shares will trade ex-dividend on 11 November 2010. The

dividend will be paid in the form of NOK 0.55 per share on 25 November 2010.

Outlook

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

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

follows: Safe Lancia until December 2012, Jasminia until June 2011, Safe

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

until August 2013.

Safe Esbjerg is operating for Maersk in the Danish North Sea until June 2011.

Safe Caledonia will commence on a contract with BG in the UK North Sea in the

beginning of March 2011.

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

has a firm duration until July 2011. On request from BP, MSV Regalia is going to

be temporarily changed out with Safe Scandinavia from mid-November through to

mid-March.

Safe Scandinavia has a six-month firm contract with Statoil commencing early

April 2011.

Safe Concordia has been awarded a Letter of Intent by Petróleo Brasileiro S.A.

(Petrobras) for a three year period, planned to commence early in the second

quarter of 2011.

Safe Bristolia and Safe Astoria are currently idle.

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

both maintenance and modifications to keep up production and ensure safe

operations. Improved oil recovery (IOR) projects 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, IOR and

maintenance projects over the coming years.

During the last two quarters we have seen several contract awards for

accommodation work in the North Sea for 2011 and 2012. Going forward, we see

potential projects requiring additional accommodation in the North Sea in

2011, 2012 and 2013.

The market for semi-submersible accommodation rigs is still strong in Mexico,

where Pemex has high offshore activity in order to keep up production at the

Cantarell field. Prosafe has five rigs operating in Mexico and we expect a

stable development going forward.

During the third quarter, we have seen two awards for semi-submersible rigs

offshore Brazil. These awards confirm that Brazil is a growing market for safety

and maintenance support services.

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

accommodation rigs operate, there is a good supply-demand balance.

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

rigs, with stable activity in the North Sea and Mexico and growth 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:  Q3 2010 report, Q3 2010 presentation

Larnaca, 4 November 2010

Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer

Phone: +357 9968 8169

Martin Kolnes, Vice President and Chief Financial Officer

Phone: +357 9968 8991

Cecilie Ouff, Finance and IR Manager

Phone: +47 99 10 94 67

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

(Norwegian Securities Trading Act)

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