Prosafe SE: Operational update Q1 2016

The fleet utilisation rate in the first quarter of 2016 was 37 per cent.

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

Safe Boreas commenced contract mid-March in the UK.

Regalia was idle in the quarter and will commence contract within May in the UK.

Safe Bristolia was in the yard during the quarter completing class renewals. She is scheduled to commence contract within May in the UK.

Safe Astoria was idle in the quarter and is cold-stacked in Batam, Indonesia.

The contracts that the Safe Lancia and Safe Regency were deployed on for Cotemar Group were suspended by Pemex mid-March 2016. The vessels remained in Mexico in the first quarter. Safe Lancia is being prepared for cold-stacking in the US. Safe Regency is being mobilised to a suitable lay-up location.

Jasminia and Safe Britannia were off-hire during the first quarter. Safe Hibernia came off contract mid-February. Prosafe has decided to scrap these three vessels.

Off-hire cost and demobilisation cost incurred in the quarter for the vessels in Mexico.

Safe Scandinavia Tender Support Vessel ('TSV') commenced contract mid-March in Norway. Drilling support operations successfully commenced in the beginning of April with the firm period through until July 2018. The mobilisation fee of USD 12 million for the TSV was recognised as income in the first quarter.

Prosafe and Statoil (U.K.) Ltd agreed to re-phase the contract for the Mariner Project in the UK Continental Shelf of the North Sea from 2016 into 2017. A re-phasing charge of USD 30 million was paid and has been recognised as income in the first quarter 2016.

Safe Zephyrus was delivered from yard in the first quarter of 2016 and commenced transit to the North Sea in preparation for contract in Norway early Q3 2016.

Safe Notos was delivered from COSCO, Qidong, in the first quarter of 2016 and is in international anchorage offshore Singapore.

Safe Zephyrus and Safe Notos were not included in the first quarter utilisation ratio above.

Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. The company operates globally, employs 850 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, 3 May 2016
Georgina Georgiou, General Manager
Prosafe SE


For further information, please contact:

Stig Harry Christiansen, Acting Chief Executive Officer and 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.