Prosafe SE

Report Publication Announcement • Nov 25, 2022

Prosafe SE: Contract and Tender Status Update - November 2022

Prosafe SE: Contract and Tender Status Update - November 2022

Contract update

Prosafe has been selected as the winning bidder for a 650-day firm period

contract by Petrobras using Safe Zephyrus, commencing in May 2023. The contract

value is approximately USD 73 million (equivalent to USD 112,500 per day). Final

contract award and commencement remains subject to contract. Prosafe expects the

final contract award prior to year-end 2022. Prosafe expects Safe Zephyrus to

complete its contract with bp at ETAP in the UK North Sea on 21 December 2022

after which preparations and mobilization for the contract with Petrobras will

begin.

Safe Caledonia has been operating for TotalEnergies at the Elgin platform in the

UK since 7 March 2022. The vessel is expected to complete its contract on 2

December 2022 after which it will be laid up pending future work.

Safe Boreas completed a contract to support a platform shutdown in the UK North

Sea on 1 November 2022 and is now laid up in Norway pending future work.

On 25 May 2022, Safe Eurus was awarded a four-year contract with Petrobras with

planned start-up in Q1 2023 following on from the expiry of the current

contract. Safe Eurus is expected to be off hire for 30 days in April 2023 during

which period Petrobras contract modification work and hull cleaning will be

conducted. Prosafe also intends to advance and conduct the SPS originally

scheduled for 2024 for Eurus during the same off-hire window, avoiding the need

for a further off-hire period in 2024.

Safe Notos commenced a new four-year contract with Petrobras on 18 July 2022, in

direct continuation of the previous contract. Safe Notos is expected to be off

hire for 30 days either in February or May 2023 during which Petrobras contract

modification and hull cleaning will be conducted.

Safe Concordia is now laid up in Curaçao pending start of the upcoming project

in the US Gulf of Mexico. The firm duration of the contract, commencing within a

window of July through October 2023, is 330 days with up to 6 months of options.

The value of the contract firm duration is approximately USD 33 million. A

standby rate of USD 28 thousand per day has been agreed for the period from 01

August 2023 until commencement latest 31 October 2023. The value of the 6 months

options is USD 19 million.

Safe Scandinavia is laid up in Norway and is being marketed broadly.

Tender update

Prosafe is currently not participating in any ongoing tenders in Brazil.

In the North Sea, Prosafe is participating in the following tenders:

Year       Firm Duration              Option(s)          Region

Expected competition

2023       8 months                    1 month            Denmark

Walk-to-work

2024       10 months                  6 months          Norway             Semi-

submersible/Jack-up

2024       4 months                    4 months          UK

Semi-submersible

2025       3 months                    2 months          North America   Semi-

submersible

2026       7 months                    6 months          Norway

Semi-submersible

2026       7 months                    6 months          Norway

Semi-submersible

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 https://www.prosafe.com

Stavanger, 25 November 2022

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

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

Reese McNeel, CFO

Phone: +47 47 51 64 25 17 / +47 415 08 186

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.