Prosafe SE

M&A Activity • Jan 4, 2016

Prosafe SE : Marine project re-phasing agreed

Prosafe SE : Marine project re-phasing agreed

Prosafe and Statoil (U.K.) Ltd ("Statoil") have agreed to re-phase the Mariner

Project in the UK Continental Shelf of the North Sea from 2016 into 2017, and

extend the firm hire duration from 8 months to 13 months.

Operations at the Statoil Mariner platform will commence within Q3 2017 and will

be performed by either the Safe Zephyrus or Safe Boreas accommodation support

vessel. In addition to the revised extended firm hire duration, Prosafe has

granted Statoil six additional one-month options linked to the Mariner project.

Total value of the re-phased and extended firm hire duration for the Mariner

Project has increased from USD 76.3 million to approximately USD 131.8 million,

including a re-phasing charge payable in 2016.

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

accommodation vessels. Operating profit reached USD 248.3 million in 2014 and

net profit was USD 178.8 million. The company operates globally, employs 800

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, 4 January 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Chief Financial Officer

Prosafe Management AS

Phone: +47 51 64 25 17

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.

[HUG#1976353]