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2016-10-21

Prosafe SE: Operational update Q3 2016

The fleet utilisation rate in the third quarter of 2016 was 52 per cent.

Safe Notos, Jasminia and Safe Hibernia are not included in the third quarter
utilisation ratio.

Safe Boreas continued the contract with Repsol Sinopec (formerly Talisman
Sinopec) in UK and was in full operation throughout the quarter. Repsol
Sinopec has exercised the first 14-day option at a discounted day rate,
extending the contract at Montrose into December.

Safe Zephyrus commenced the contract with Det norske in Norway late July and
was in operation throughout August and September.

Safe Scandinavia Tender Support Vessel (TSV) and Safe Concordia were fully
contracted in the quarter with Statoil and Petrobras, respectively.

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

Safe Caledonia completed her operation for BP in August and the vessel has
been laid-up in UK since then.

Safe Bristolia is cold-stacked in Norway after completion of a two-month
contract with BG Group late July.

Safe Notos remains in transit to Brazil and is scheduled to commence a
contract with Petrobras late November.

Safe Astoria, Safe Lancia and Safe Regency were idle in the quarter. Safe
Astoria is cold-stacked in Batam, Indonesia. Safe Lancia is cold-stacked in
Port Isabel, Texas USA and Safe Regency is laid-up in Curaçao.

In August 2016, Jasminia and Safe Hibernia were sold for scrap/recycling in
the USA.

The company incurred non-recurring costs related to the refinancing and
reorganisation activities in the quarter.

Prosafe is the world's 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 towww.prosafe.com

Larnaca, 21 October 2016
Georgina Georgiou, General Manager
Prosafe SE
For further information, please contact:

Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Prosafe SE via Globenewswire

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