Prosafe SE: Correction: Contract and tender status update - November 2022

28 Nov 2022 14:28 CET

Correction:
This press release is identical with the Press release published on 25th
November The only change is that it has now been categorized as insider
information.
***

Contract update


Prosafe has been selected as the winning bidder for a 650-day firm period
contract by Petrobras using Safe Zephyrus, commencing in May 2023. The contract
value is approximately USD 73 million (equivalent to USD 112,500 per day). Final
contract award and commencement remains subject to contract. Prosafe expects the
final contract award prior to year-end 2022. Prosafe expects Safe Zephyrus to
complete its contract with bp at ETAP in the UK North Sea on 21 December 2022
after which preparations and mobilization for the contract with Petrobras will
begin.

Safe Caledonia has been operating for TotalEnergies at the Elgin platform in the
UK since 7 March 2022. The vessel is expected to complete its contract on 2
December 2022 after which it will be laid up pending future work.

Safe Boreas completed a contract to support a platform shutdown in the UK North
Sea on 1 November 2022 and is now laid up in Norway pending future work.

On 25 May 2022, Safe Eurus was awarded a four-year contract with Petrobras with
planned start-up in Q1 2023 following on from the expiry of the current
contract. Safe Eurus is expected to be off hire for 30 days in April 2023 during
which period Petrobras contract modification work and hull cleaning will be
conducted. Prosafe also intends to advance and conduct the SPS originally
scheduled for 2024 for Eurus during the same off-hire window, avoiding the need
for a further off-hire period in 2024.

Safe Notos commenced a new four-year contract with Petrobras on 18 July 2022, in
direct continuation of the previous contract. Safe Notos is expected to be off
hire for 30 days either in February or May 2023 during which Petrobras contract
modification and hull cleaning will be conducted.

Safe Concordia is now laid up in Curaçao pending start of the upcoming project
in the US Gulf of Mexico. The firm duration of the contract, commencing within a
window of July through October 2023, is 330 days with up to 6 months of options.
The value of the contract firm duration is approximately USD 33 million. A
standby rate of USD 28 thousand per day has been agreed for the period from 01
August 2023 until commencement latest 31 October 2023. The value of the 6 months
options is USD 19 million.

Safe Scandinavia is laid up in Norway and is being marketed broadly.

Tender update

Prosafe is currently not participating in any ongoing tenders in Brazil.

In the North Sea, Prosafe is participating in the following tenders: Tender
update table (https://www.globenewswire.com/NewsRoom/AttachmentNg/c512e58c-e888-
4e93-8be8-a0704312fa5f):
Year     Firm Duration    Option(s)     Region             Expected competition

2023    8 months           1 month       Denmark          Walk-to-work
2024   10 months           6 months     Norway            Semi-submersible/Jack-
up
2024    4 months            4 months     UK                  Semi-submersible
2025    3 months            2 months     North America  Semi-submersible
2026    7 months            6 months     Norway            Semi-submersible
2026    7 months            6 months     Norway            Semi-submersible

Prosafe is a leading owner and operator of semi-submersible accommodation
vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.
For more information, please refer to https://www.prosafe.com

Stavanger, 28 November 2022
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155

Reese McNeel, CFO
Phone: +47 47 51 64 25 17 / +47 415 08 186


This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

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