Prosafe SE

Regulatory Filings • Jan 19, 2017

Prosafe SE: Operational update Q4 2016

Prosafe SE: Operational update Q4 2016

The fleet utilisation rate in the fourth quarter of 2016 and for the year 2016

was 43 per cent.

Safe Boreas continued the contract with Repsol Sinopec (formerly Talisman

Sinopec) in UK and was in full operation throughout the quarter. The Repsol

Sinopec contract at Montrose has been extended till 10 February 2017.

Safe Zephyrus commenced the contract with Aker BP in Norway in late July 2016

and was on contract throughout the fourth quarter. The contract has been

extended and currently runs until end January.

Safe Notos commenced its 3 years and 222 day duration contract for Petrobras on

7 December 2016. The mobilisation income of USD 17 million for the Safe Notos

will be recognised as revenue in the fourth quarter 2016. Safe Concordia was

fully contracted in the quarter for Petrobras and continues on short-term

extensions at market adjusted dayrate.

Safe Scandinavia Tender Support Vessel (TSV) was fully contracted in the quarter

with Statoil. The TSV contract has a firm period until July 2018.

Regalia operated for Shell in the UK from the beginning of August until mid-

October and is currently laid-up in the UK.

Safe Caledonia, Safe Bristolia, Safe Astoria, Safe Lancia and Safe Regency were

idle in the quarter. Safe Bristolia is cold-stacked in Norway, Safe Caledonia is

laid-up in the UK, Safe Lancia is cold-stacked in Texas, Safe Regency is laid-up

in Curaçao and Safe Astoria is cold-stacked in Indonesia.

Prosafe has the Safe Eurus in a preserved, strategic stacking mode with COSCO

(Qidong) Offshore Co., Ltd. in China. Prosafe has also acquired control over the

Safe Nova and Safe Vega and will enter into negotiations with Cosco and related

parties for a workable delivery and commercial solution of the two semi-

submersibles that are nearing completion. If no agreement is made, Prosafe has

the right to claim cancellation on the newbuilding contracts due to late

delivery and claim deposit of approx. USD 60 million fully secured by Bank of

China.

Following the completion of the acquisition of Safe Nova and Safe Vega, Prosafe

has now taken a final decision to sell Safe Lancia for scrap/recycling.

Prosafe is a 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, 19 January 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.