Prosafe SE: Safe Scandinavia awarded a LoI for Norwegian TSV Operations

Prosafe has been awarded a Letter of Intent (LoI) by an undisclosed oil major for the provision of the Safe Scandinavia semi-submersible accommodation vessel temporarily converted for tender support operations at a location on the Norwegian continental shelf.

On site operations are planned to commence June 2015, with a firm period of three years. In addition, Prosafe has granted four additional one-year options.

Total value of the firm contract period is approximately USD 443 million, with the value of the options totalling approximately USD 479 million.

The Safe Scandinavia temporary conversion into a tender support vessel (TSV) will commence within Q1 2015.

Prosafe is the world's leading owner and operator of semi-submersible accommodation/service rigs. Operating profit reached USD 245.1 million in 2013 and net profit was USD 199.1 million. The company operates globally, employs 610 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.

Larnaca, 17 March 2014
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: + 47 908 81 657

Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 991 09 467

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.