Prosafe SE

Fourth quarter 2011 - Seite 3

approximately 12 and 18 months, respectively.

With the addition of the new harsh environment rig, Prosafe reinforces its
leading position in the high-end accommodation rig segment, strengthening the
company´s ability to meet clients´ needs related to increasingly complex
operations in a growing market.

Outlook

Six of Prosafe´s rigs are on bareboat charters in Mexico for end-user Pemex. The
six rigs have firm contracts as follows: Safe Hibernia until December 2013, Safe
Lancia until end-December 2012, Jasminia until end-December 2012, Safe Britannia
until mid-January 2013, Safe Bristolia until end-March 2013 and Safe Regency
until beginning of August 2013.

Safe Caledonia is operating for BG in the UK North Sea until end of March 2012.

Regalia is scheduled to operate for Talisman at the Yme field in Norway until
end of August 2012.

Safe Scandinavia is operating for BP in Norway until end of March 2012. In May
2012 the rig is scheduled to commence operation for ConocoPhillips in Norway and
thereafter moving to the UK North Sea with a firm contract until October 2012
and options until December 2012.

In the second quarter 2011 Safe Concordia commenced on a three-year contract
with Petrobras in Brazil.

Safe Astoria has a 150-days contract with Woodside in Australia commencing
between April and May 2012. In addition Prosafe has granted two one-month
options.

Safe Esbjerg is currently idle. The rig is mainly being marketed for North Sea
work.

Historically around 80 per cent of Prosafe´s contracts have been related to oil
and gas fields already in production. The accommodation rigs are typically
assisting in connection with maintenance and modifications of production
facilities, IOR projects, field redevelopments and tie-ins of new wells to
existing facilities. Consequently, the bulk of the demand for offshore
accommodation units tends to come from mature areas. Prosafe operates in the
high end of the accommodation rig segment and is mainly working in areas where
weather conditions or other factors favour the use of high-end semi rigs,
typically the North Sea, Mexico and Brazil.

The demand in the North Sea is expected to be strong for at least the next
couple of years. The number of concrete prospects is on a high level and no new
supply is scheduled to arrive until 2014.
Most of the demand in the North Sea is driven by field redevelopments and
modifications of existing production infrastructure. However, an increased
amount of new finds lately bodes well for growing activity related to hook-up
and commissioning work as well.