Prosafe SE

Earnings Release • Jan 17, 2011

Operational update for Q4 2010

Rig utilisation in the fourth quarter of 2010 was 61 per cent.

MSV Regalia operated for BP at Valhall in Norway until 23 November.

Safe Scandinavia operated for Statoil in Norway until the end of October. Before

replacing MSV Regalia, Safe Scandinavia adjusted the gangway to correspond to

the landing platform height at Valhall. Safe Scandinavia commenced operation for

BP at Valhall on 21 November.

Safe Concordia, Safe Astoria, Safe Bristolia and Safe Caledonia were idle in the

fourth quarter.

Safe Scandinavia, MSV Regalia, Safe Bristolia and Safe Caledonia have carried

out parts of their annual maintenance work in the fourth quarter.

Safe Esbjerg, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia and Safe

Regency have been fully utilised in the fourth quarter.

The rig utilisation for the year 2010 was 75 per cent.

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, 17 January 2011

Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer

Prosafe Management AS

Phone: +47 51 64 25 81 / +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

[HUG#1480079]