Prosafe SE

Regulatory Filings • Oct 19, 2010

Petrobras Letter of Intent for Safe Concordia

Prosafe has been awarded a Letter of Intent (LoI) by Petróleo Brasileiro S.A.

(Petrobras) for the provision of the Safe Concordia semi-submersible rig for

safety and maintenance support offshore Brazil.

The firm period of the contract linked to the LoI is three years and the total

contract value is about USD 157 million. Operations are planned to commence

early in the second quarter of 2011.

The award of this LoI confirms that Brazil is a growing market for safety and

maintenance support services.

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 to www.prosafe.com.

Larnaca, 19 October 2010

Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer

Phone: +357 99 68 81 69

Cecilie Ouff, Finance Manager

Phone: +47 99 10 94 67

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading )

[HUG#1452887]