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July 29, 2015 Prosafe SE: Operational update Q2 2015The fleet utilisation rate in the second quarter of 2015 was 58 per cent. Regalia, Safe Astoria, Safe Regency, Safe Lancia and Safe Hibernia were fully contracted during the quarter. Safe Britannia underwent a planned DP upgrade during the second quarter and was off-hire for 30 days. Jasmina is still off-hire after going off contract in late February 2015. Safe Concordia completed a five-year Special Periodic Survey and upgrade works at the Maua Shipyard in Brazil during the quarter. The contract with Petrobras re-commenced on 30 June 2015. The new build Safe Boreas arrived in Norway in April. The contract with Lundin Norway AS for support in connection with the hook-up and commissioning of the Edvard Grieg platform in the North Sea commenced in mid-May. Safe Caledonia was contracted to Nexen Petroleum U.K. until the end of April. The contract with BP Exploration Operating Company Limited for support at the Andrew field in UK commenced on 10 July 2015. The contract for Safe Astoria with Shell Philippines Exploration B.V. at the Malampaya field has been extended by another 15 days until mid-August. Safe Bristolia completed repair work at the Hanøytangen shipyard in Norway during the quarter. The contract with BG International Limited for work at the Everest field in UK commenced on 1 June 2015 in accordance with the announcement made on 22 May 2015. The conversion of Safe Scandinavia to a Tender Support Vessel at the Westcon yard in Ølensvåg, Norway, continued during the second quarter. The project is experiencing some further delays and the start-up of the contract for Statoil is expected in the fourth quarter of 201 As a result of the extended yard stays for Safe Scandinavia and Safe Concordia, as well as further cost increases related to the Safe Bristolia repair work the total capital expenditure for 2015 is expected to increase by 5 to 10 per cent relative to previous guidance. 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 to www.prosafe.com. Larnaca, 29 July 2015 Sven Børre Larsen, Chief Financial Officer |