Prosafe SE : Marine project re-phasing agreed

Prosafe and Statoil (U.K.) Ltd ("Statoil") have agreed to re-phase the Mariner Project in the UK Continental Shelf of the North Sea from 2016 into 2017, and extend the firm hire duration from 8 months to 13 months.

Operations at the Statoil Mariner platform will commence within Q3 2017 and will be performed by either the Safe Zephyrus or Safe Boreas accommodation support vessel. In addition to the revised extended firm hire duration, Prosafe has granted Statoil six additional one-month options linked to the Mariner project.

Total value of the re-phased and extended firm hire duration for the Mariner Project has increased from USD 76.3 million to approximately USD 131.8 million, including a re-phasing charge payable in 2016.

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, 4 January 2016
Georgina Georgiou, General Manager
Prosafe SE


For further information, please contact:

Stig Harry Christiansen, 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