Prosafe SE

Contract for Safe Astoria at Malampaya

Prosafe has received a Notice of Award for a minimum nine-month contract by
Shell Philippines Exploration B.V. (´SPEX´) using the Safe Astoria for
accommodation support at the Malampaya Phase 3 Depletion Compression Project
offshore Philippines. On site operations are planned to commence within Q2/Q3
2014. In addition, Prosafe has granted SPEX three additional one-month options.

Prosafe has provided SPEX the ability to alternatively choose a structure with
11-month firm period plus options, or 12-month firm period plus options.

Total value of the firm period will be between USD 58.1 million and USD 70.5
million depending on which alternative is selected.

Prosafe is the world´s leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 192.3 million in 2011.
The company operates globally, employs 550 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, 12 March 2012
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: [phone]

Cecilie Helland Ouff, Finance and IR Manager
Prosafe AS
Phone: [phone]

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Prosafe SE via Thomson Reuters ONE

[HUG#1593105]

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