Prosafe SE : Prosafe SE: Operational update for Q4 2012 and contract extensions

     Prosafe SE : Prosafe SE: Operational update for Q4 2012 and contract
                                  extensions

Rig utilisation in the fourth quarter of 2012 was 82 per cent. Safe
Scandinavia, Safe Concordia, Safe Astoria, Safe Lancia, Jasminia, Safe
Hibernia, Safe Britannia, Safe Regency and Safe Bristolia have been on
contract throughout the fourth quarter.

Safe Concordia is operating on a long-term contract in Brazil. In the fourth
quarter the average effective dayrate was approximately USD 137,000.

Safe Caledonia remained at the yard throughout the fourth quarter undertaking
a life extension upgrade.

Regalia was off-hire and at the yard undertaking maintenance work during the
fourth quarter. The operating cost has been slightly higher than in normal
operation.

The first of four one-month options for Regalia for operations in 2014 has
been exercised by Statoil. This declared option has a value of USD 9.3
million. The remaining three options are subject to availability of the
Regalia.

Prosafe and BP Norge AS have agreed to further extend the Safe Scandinavia's
operations at Valhall until 7th February 2013. The value of the seven-day
contract extension is USD 2.1 million.

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, 22 January 2013
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: + 47 51 64 25 81

Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673

Cecilie Helland Ouff, Finance and IR Manager
Prosafe AS
Phone: +47 51 64 25 20

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

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Source: Prosafe SE via Thomson Reuters ONE
HUG#1672164
 
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