Prosafe SE — M&A Activity 2016

Nov 9, 2016

Prosafe SE: Safe Boreas contract extended

Prosafe SE: Safe Boreas contract extended

Repsol Sinopec Resources UK Limited (formerly Talisman Sinopec Energy UK

Limited) has exercised options to extend the charter of the Safe Boreas by a

total of 44 days.

In mid-March 2016, the Safe Boreas commenced a 245-day firm operational period

at Montrose A in the UK sector of the North Sea. The firm operational period

will now continue through 6 January 2017 with Prosafe agreeing to reduce the

option periods' day rate consistent with market conditions. Repsol Sinopec can

further extend the operations of the Safe Boreas by weekly options.

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

accommodation vessels. The company is headquartered in Larnaca, Cyprus and

listed on the Oslo Stock Exchange with ticker code PRS. For more information,

please refer to www.prosafe.com

Larnaca, 9 November 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 51 64 25 17 / +47 478 07 813

Robin Laird, Acting CFO

Prosafe Offshore Services Pte Limited

Phone: +65 65 59 19 90 / +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.