Prosafe SE

Fourth quarter 2011 - Seite 2

Net profit for the fourth quarter amounted to USD 36.5 million (USD 30 million),
and earnings per share equalled USD 0.16 (USD 0.13).

Total assets at 31 December amounted to USD 1 376.1 million (USD 1 266.4
million), and the book equity ratio rose to 33.6 per cent (32.4 per cent).

Dividend

The Board of Directors resolved on 29 February 2012 to declare a quarterly
dividend equivalent to USD 0.133 per share to shareholders of record as of 9
March 2012. The shares will trade ex-dividend on 7 March 2012. The dividend will
be paid in the form of NOK 0.74 per share on 21 March 2012.

The resolved dividend is in line with the policy of paying out up to 75 per cent
of the previous year´s net profit divided into quarterly payments, i.e. it has
been based on the 2011 earnings per share of USD 0.71.

Revision of depreciation plan

Based on the current condition of the rigs and the planned maintenance
programme, the depreciation plan for five of the rigs operating in the Gulf of
Mexico has been revised. With effect from 1 January 2012, the remaining
depreciation period of these five rigs has been increased to ten years from an
average of four years previously. The impact of this change is an estimated
annual reduction in depreciation of USD 5 million.

New build

Prosafe announced on 14 December 2011 that the company has entered into a
turnkey contract for the construction of a semi-submersible accommodation rig at
Jurong Shipyard Pte Ltd. in Singapore.

The new unit will be the most advanced and efficient harsh environment
accommodation rig in the world and will be constructed to comply with Norwegian
regulations. The rig will be constructed according to the GVA 3000E design and
will be equipped with a DP3 (dynamic positioning) system as well as 12-point
mooring arrangement. This will allow for operations in harsh environments both
in DP and anchored mode, providing maximum cost efficiency and flexibility.

The unit will have the capacity to accommodate 450 persons in single man cabins
for operation on the Norwegian Continental Shelf. Delivery from the yard is
scheduled for the second quarter of 2014 and all-in cost including yard cost,
owner-furnished equipment, project management and financing is estimated at USD
350 million. 20 per cent of the yard cost was paid at signing of the contract,
while the remaining 80 per cent will be paid at delivery. The investment can be
funded over the current balance sheet without impacting the dividend policy. The
contract with Jurong also includes options for two more units, valid for