North Sea contract for Safe Caledonia

Prosafe has been awarded a contract by BG International (CNS) Limited for the

provision of the Safe Caledonia accommodation rig for the Gaupe and other

projects in the North Sea.

The firm period of the contract is 9 months with on site operations planned to

commence March 2011. In addition Prosafe has granted four additional two-week

options.

Total value of the contract for the firm term is about USD 56 million.

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

accommodation/service rigs. Operating profit reached USD 218.6 million in 2009.

The company operates globally, employs approx.

400 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the

Oslo Stock Exchange with ticker code PRS. For more information, please refer

towww.prosafe.com.

Larnaca, 11 August 2010

Prosafe SE

For further information, please contact:

Arne Austreid, President and CEO

Phone: +357 2462 1746 / +357 992 75 030

Karl Ronny Klungtvedt, EVP Strategy and Corporate Planning

Phone: +47 51 64 25 81 / +47 908 81 657

Robin Laird, President Offshore Support Services

Phone: +65 6559 1980 / +65 8127 2101

[HUG#1437039]

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