Prosafe SE

Regulatory Filings • Aug 5, 2019

Prosafe SE: Operational update Q2 2019

Prosafe SE: Operational update Q2 2019

The fleet utilisation rate in the second quarter of 2019 was 71.6 per cent (Q2

2018: 45.8 per cent), up from 62.5 per cent in the last quarter and at its

highest since Q3 2015.

Safe Scandinavia operated at Aker BP's Ula platform in Norway until mid-May and

is now laid up in Norway.

Safe Caledonia commenced work for a major oil and gas operator in the UK sector

on 20 April 2019. The contract has a firm duration of four months and up to two

months of options. On 31 July 2019, Prosafe signed a contract with Total for the

Safe Caledonia to provide accommodation support at the Elgin complex in the UK

sector of the North Sea. The firm duration of the contract commencing mid-April

2020 is 162 days with one 30-day option.

Safe Boreas continued the contract with Equinor at the Mariner installation in

the UK and was in full operation throughout the quarter. The contract's firm

period has been extended through September 2019 as Equinor exercised three of

six one-month options on 10 April 2019. There are three one-month options

remaining.

Safe Zephyrus completed the 12-month contract with Equinor at Johan Sverdrup

early May. Thereafter, Safe Zephyrus mobilized to the Clair Ridge platform West

of Shetland where the vessel started a contract for BP on 14 May 2019. The

duration of the contract is five months with a one-month option.

After completion of a five yearly special periodic survey and re-activation,

Regalia mobilised to the UK sector of the North Sea and started a 60-day

contract on 12 May 2019. The contract was completed on 11 July 2019 and Regalia

is currently laid up at a yard in Norway.

Safe Concordia has been operating on a 200-day contract for MODEC in Brazil

since late October 2018, further extended through 20 July 2019, and was in full

operation throughout the quarter. On 29 June 2019, Equinor awarded the Safe

Concordia a contract to provide gangway connected operations supporting

maintenance and safety services at the Peregrino FPSO in the Campos Basin

offshore Brazil. The contract will commence mid-January 2020 and has a duration

of 120 days with up to 60 days of options.

Safe Notos has been operating on a three-year and 222-day contract for Petrobras

in Brazil since 7 December 2016 and was fully contracted in the quarter.

On 29 May 2019, Prosafe signed a three-year contract with Petrobras for the

provision of the Safe Eurus. Prosafe took delivery of the Safe Eurus on 4 July

2019 and the vessel is now being mobilised to Brazil. During the contract

commencing in the fourth quarter of 2019, the Safe Eurus will be providing

safety and maintenance support for Petrobras. As a consequence, Prosafe has

reversed the accrued lay-up costs of USD 19 million in the quarter.

Safe Bristolia was idle in the quarter and is laid-up in Norway.

The company has incurred non-recurring costs of approximately USD 3 million in

the quarter which were mostly related to the merger activity with Floatel.

Prosafe is a leading owner and operator of semi-submersible accommodation

vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.

For more information, please refer to www.prosafe.com (http://www.prosafe.com/)

Stavanger, 5 August 2019

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 51 65 24 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

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

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act