Prosafe SE

M&A Activity • Jul 7, 2016

Prosafe SE :Amendment and contract extension signed with Petrobras

Prosafe SE :Amendment and contract extension signed with Petrobras

Prosafe has signed contract amendments and an extension with Petrobras

Netherlands B.V. (Petrobras). The semi-submersible accommodation vessel Safe

Eurus will now be substituted by her sister vessel Safe Notos and will commence

its contract with Petrobras at an earlier date within Q4 2016. The commencement

of operations had previously been agreed to be within Q1 2017. In addition the

original contract will now be extended from the original duration of 3 years by

an additional 222 days. The total value of the extended Safe Notos contract is

now approximately USD 189 million.

As part of the same agreement, Prosafe has agreed a dayrate reduction of

approximately 14 per cent for the Safe Concordia from Q2 2016 and provide

Petrobras the option to early terminate the Safe Concordia contract on

commencement of Safe Notos operations.

The Safe Notos was delivered in February 2016 and is a technologically advanced

and efficient Dynamically Positioned (DP3), harsh environment semi-submersible

safety and maintenance support vessel, able to accommodate up to 500 persons

with extensive recreation facilities, and capable of supporting construction

projects using a large deck area and capable cranes. The Safe Notos has been

undergoing final preparatory works offshore Singapore to ensure full compliance

with Petrobras requirements and in July will commence the transit to Brazil

where the final approval processes will be conducted for commencement of

operations within Q4 2016.

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

accommodation vessels. The company operates globally 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, 7 July 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO and CFO

Prosafe Management AS

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

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This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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