Prosafe SE

Regulatory Filings • Sep 3, 2020

Prosafe SE: Prosafe and Shell agree on 2021 North Sea campaign

Prosafe SE: Prosafe and Shell agree on 2021 North Sea campaign

Prosafe and Shell U.K. Limited ('Shell') have agreed to defer and amend the

contract for the Safe Zephyrus to provide accommodation services in support of

the Shearwater platform turnaround. The revised firm duration of the contract of

115 days commences in March 2021 although Shell has the option of adding either

30 or 45 days to the front end resulting in an earlier commencement date. Shell

retains the option to extend the contract after the firm duration by up to 30

days.

As part of the agreement, Shell will compensate Prosafe through a fee

considering the 10 month mobilization deferment. Additionally, Shell and Prosafe

will strategically work closely for 2022 and 2023, maximizing opportunity to

benefit both parties.

Jesper Kragh Andresen, CEO of Prosafe says: "Shell has been, and will continue

to be, one of our most valued customers. The COVID-19 pandemic has impacted the

industry hard - operator and contractor alike - and it has been encouraging to

work with Shell to solve the mutual challenges in a way which resulted in an

agreement for the 2021 Shearwater turnaround, and a stronger strategic

collaboration thereafter."

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, 3 September 2020

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