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2016-01-26

Prosafe SE: Operational update Q4 2015

The fleet utilisation rate in the fourth quarter of 2015 was 62 per cent.

Safe Concordia and Safe Caledonia were fully contracted in the quarter.

Safe Boreas was on contract in Norway until mid-December.

Regalia was on contract in UK until late November.

Safe Bristolia was idle in the quarter. Safe Bristolia is in a yard in Gdansk,
Poland to undertake a special periodic survey (SPS).

Safe Astoria is located in Batam, Indonesia, and was undergoing minor works in
the fourth quarter.

Safe Regency, Safe Lancia, Safe Hibernia and Safe Britannia were fully
contracted in Mexico throughout the quarter.

Jasminia remained off-hire in the quarter and preparations are being made to
relocate Jasminia to a lay-up location. The contract of Safe Hibernia has
been extended until end of Q1 2016. Safe Britannia ended its contract at end
of December 2015, however the vessel remains in operational readiness mode in
anticipation of new assignments.

Mechanical completion and commissioning of Scandinavia TSV is finalized.
During the acceptance testing certain mud specifications showed a need for
some adjustments, which are expected to be completed in the near future. Once
the testing is complete, the vessel will start mobilising to Oseberg East.

A termination fee of USD 4 million relating to the initially planned towage of
Safe Zephyrus in Q4 2015 was paid and recognized in Q4 2015. In connection
with delivery of Safe Zephyrus, currently scheduled for the end of January
2016, the final delivery instalment of the Safe Zephyrus will be reduced by
USD 30 million. This represents a seller's credit from JurongShipyard Pte
Ltd., to be repaid in a single payment on or before 15 June 2017. Safe
Zephyrus is scheduled to commence a contract in Norway early Q3 2016.

Prosafe is the world's leading owner and operator of semi-submersible
accommodation vessels. Operating profit reached USD 248.3 million in 2014 and
net profit was USD 178.8 million. The company operates globally, employs 800
people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo
Stock Exchange with ticker code PRS. For more information, please refer
towww.prosafe.com

Larnaca, 26 January 2016
Georgina Georgiou, General Manager
Prosafe SE
For further information, please contact:

Stig Harry Christiansen, Chief Financial Officer
Prosafe Management AS
Phone: +47 51 64 25 17

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 OMX Corporate Solutions on behalf of NASDAQ OMX 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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