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July 02, 2014

Prosafe SE :Contract signed for Safe Scandinavia Norwegian TSV operations

Reference is made to press release dated 17 March 2014. Prosafe has now signed a contract with Statoil Petroleum AS ('Statoil') for the provision of the Safe Scandinavia semi-submersible accommodation vessel temporarily converted for tender support vessel ('TSV') operations at the Oseberg Øst installation on the Norwegian continental shelf.

The three year firm period on site operations commencement is subject to existing contractual obligations with Statoil at the Snorre installation, and the temporary TSV conversion works commencing within Q1 2015. Such commencement date is targeted for June 2015. In addition, Prosafe has granted Statoil 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.
Prosafe is responsible for the provision of mud services to the Oseberg Øst installation together with all marine operations of the TSV. The Safe Scandinavia will continue to perform accommodation duties to support the installation via a telescopic gangway, affording the maximum flexibility to Statoil.

Prosafe is the world's leading owner and operator of semi-submersible accommodation/service vessels. 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, 02 July 2014
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 / +47 991 09 467

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