Prosafe SE

M&A Activity • Jul 2, 2014

Prosafe SE :Contract signed for Safe Scandinavia Norwegian TSV operations

Prosafe SE :Contract signed for Safe Scandinavia Norwegian TSV operations

Reference is made to press release dated 17 March 2014. Prosafe has now signed a

contract with Statoil Petroleum AS ('Statoil') for the provision of the Safe

Scandinavia semi-submersible accommodation vessel temporarily converted for

tender support vessel ('TSV') operations at the Oseberg Øst installation on the

Norwegian continental shelf.

The three year firm period on site operations commencement is subject to

existing contractual obligations with Statoil at the Snorre installation, and

the temporary TSV conversion works commencing within Q1 2015. Such commencement

date is targeted for June 2015. In addition, Prosafe has granted Statoil four

additional one-year options.

Total value of the firm contract period is approximately USD 443 million, with

the value of the options totalling approximately USD 479 million.

Prosafe is responsible for the provision of mud services to the Oseberg Øst

installation together with all marine operations of the TSV. The Safe

Scandinavia will continue to perform accommodation duties to support the

installation via a telescopic gangway, affording the maximum flexibility to

Statoil.

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

accommodation/service vessels. Operating profit reached USD 245.1 million in

2013 and net profit was USD 199.1 million. The company operates globally,

employs 610 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, 02 July 2014

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer

Prosafe Management AS

Phone: + 47 51 64 25 00

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20 / +47 991 09 467

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1810932]