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Prosafe SE : Prosafe SE: Potential impact from agreement between Cyprus and Eurozone countries

 Prosafe SE : Prosafe SE: Potential impact from agreement between Cyprus and
                              Eurozone countries

Reference is made to the agreement of a stabilisation package between the
Government of Cyprus and the Eurozone countries made public on 16 March.

If the agreement is approved by the parliament in Cyprus there will be a
one-off levy on deposits in Cypriot banks of 9.9 per cent on amounts of more
than EUR 100,000 and 6.75 per cent on amounts smaller than EUR 100,000.
Furthermore, it is proposed that the corporate tax rate is increased from 10
per cent to 12.5 per cent.

At the end of business on Friday 15 March 2013, Prosafe had approximately USD
550,000 on deposit in one bank in Cyprus. If the levy is approved in its
current form by the Cyprus Parliament, Prosafe will have a levy of about USD
50,000 imposed on the deposit in Cyprus.

It is not expected that the change in the corporate tax rate, as currently
proposed, will have a significant impact on Prosafe.

Prosafe is the world's leading owner and operator of semi-submersible
accommodation/service rigs. Operating profit reached USD 222.4 million in 2012
and net profit was USD 177.5 million. 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, 18 March 2013
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

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 / +47 991 09 467

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

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(i) the releases contained herein are protected by copyright and other
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(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Prosafe SE via Thomson Reuters ONE
HUG#1685953
 
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