Revised Contract for Safe Esbjerg

Prosafe has agreed with Maersk Olie og Gas AS to extend the period available for the class renewal of the Safe Esbjerg.

The Safe Esbjerg now has an available duration of 60 days commencing 15 February 2010. The extended time period allows for some refurbishment and steel work in addition to the class renewal. This enables Prosafe to avoid a future yard stay and facilitates a more cost effective classing and maintenance of the unit. The overall works provides for a more competitive unit after the end of the current contract.

The revised commercial agreement applies from recommencement of offshore operations post class renewal resulting in a firm contract value of EUR 23.5 million for the remaining contract period. A one year option remains available to Maersk after the completion of the firm period.

Prosafe is the world’s leading owner and operator of semi-submersible accommodation/service rigs.
Operating profit reached USD 232.2 million in 2008. The company operates globally, employs approx. 400 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, 23 December 2009

Prosafe SE

For further information, please contact:

Arne Austreid, President and CEO
Phone: +357 2462 1746 / +357 992 75 030

Karl Ronny Klungtvedt, EVP Strategy and Corporate Planning
Phone: +47 51 64 25 81/+47 908 81 657