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2015-05-22

Prosafe SE : Prosafe and BG Group have agreed to re-phase the Safe Bristolia work programme

As announced previously, Safe Bristolia sustained damage to lifeboats after
experiencing bad weather during work at the Everest field in UK in October
2014. Operations were suspended and the vessel was brought to the Hanøytangen
shipyard in Norway for repair work.

Therefore, Prosafe and BG Group have agreed to re-phase the Safe Bristolia
accommodation support vessel 2015 work programme at the Everest platform with
a shorter 2015 period and the addition of a new 2016 duration.

Operations at BG Group's Everest platform are scheduled to commence in June
2015 for a firm period of four months. Thereafter, from mid-May 2016, the
Safe Bristolia will return to the Everest platform for two months. In
addition and in relation to the new 2016 duration, Prosafe has granted BG
Group two additional fifteen-day options.

As a result of the re-phased firm period work programme in 2015 and 2016, the
total value of the contract has been reduced to approximately USD 40 million
from USD 68 million previously announced.

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, 22 May 2015
Georgina Georgiou, General Manager
Prosafe SE
For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: +47 51 64 25 00

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 51 64 25 20

This information is subject to 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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