Prosafe SE

Earnings Release • May 9, 2019

Prosafe SE: First quarter 2019 results – Performance on track

Prosafe SE: First quarter 2019 results – Performance on track

During the first quarter, the fleet utilisation remained high at 62.5 per cent.

Reported EBITDA  for the first quarter amounted to USD 24.1 million (USD 49.2

million). EBITDA adjusted for non-recurring costs was USD 25.9 million (USD

50.6 million). Cash flow from operations was USD 14.7 million (USD 51.4

million).

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"Utilization remained high in the quarter. This, combined with the two contract

extensions and one contract award are positive developments. In addition, we

remain optimistic that we will be awarded a long-term contract in Brazil in the

near term following the successful auction process in January 2019, says

Prosafe's CEO Jesper K. Andresen.

Recent highlights

(Figures in brackets refer to the corresponding period of 2018)

* High fleet utilisation of 62.5 per cent (33.3 per cent)

* Firm orderbook of USD 159 million per Q1 2019 (USD 273 million).

* EBITDA of USD 24.1 million (USD 49.2 million) reflecting lower average day

rates and higher operating expenses which were mainly driven by higher fleet

utilisation and non-recurring costs. Non-recurring costs were mainly related

to re-sizing of the organisation.

* Cash flow from operations at USD 14.7 million (USD 51.4 million).

* Aker BP exercised a one-month option in February and subsequently

restructured the remaining options to three one-week options, in which two

were exercised.

* Being commercial managers for the Axis Offshore owned Safe Swift, Prosafe

won a contract to support activities in the Central Mediterranean Sea.

* In April, Equinor exercised three of six one-month options for the Mariner

project. The firm period of the contract will now be through end September

The Q1 2019 report and Q1 2019 presentation are attached and can be downloaded

from www.prosafe.com (http://www.prosafe.com/) and www.newsweb.no

(http://www.newsweb.no/)

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/)

9 May 2019

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Phone: +47 478 07 813