Prosafe SE: Operational update Q4 2015

The fleet utilisation rate in the fourth quarter of 2015 was 62 per cent.

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

Safe Boreas was on contract in Norway until mid-December.

Regalia was on contract in UK until late November.

Safe Bristolia was idle in the quarter. Safe Bristolia is in a yard in Gdansk, Poland to undertake a special periodic survey (SPS).

Safe Astoria is located in Batam, Indonesia, and was undergoing minor works in the fourth quarter.

Safe Regency, Safe Lancia, Safe Hibernia and Safe Britannia were fully contracted in Mexico throughout the quarter.

Jasminia remained off-hire in the quarter and preparations are being made to relocate Jasminia to a lay-up location. The contract of Safe Hibernia has been extended until end of Q1 2016. Safe Britannia ended its contract at end of December 2015, however the vessel remains in operational readiness mode in anticipation of new assignments.

Mechanical completion and commissioning of Scandinavia TSV is finalized. During the acceptance testing certain mud specifications showed a need for some adjustments, which are expected to be completed in the near future. Once the testing is complete, the vessel will start mobilising to Oseberg East.

A termination fee of USD 4 million relating to the initially planned towage of Safe Zephyrus in Q4 2015 was paid and recognized in Q4 2015. In connection with delivery of Safe Zephyrus, currently scheduled for the end of January 2016, the final delivery instalment of the Safe Zephyrus will be reduced by USD 30 million. This represents a seller's credit from JurongShipyard Pte Ltd., to be repaid in a single payment on or before 15 June 2017. Safe Zephyrus is scheduled to commence a contract in Norway early Q3 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, 26 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