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Operational update Q2 2017
The fleet utilisation rate in the second quarter of 2017 was 38.5 per cent. The Safe Scandinavia Tender Support Vessel (TSV) was fully contracted in the quarter with Statoil. The TSV contract has a firm period until end June 2018.

Safe Notos commenced a three-year and 222-day contract for Petrobras on 7 December 2016 and was on contract throughout the second quarter. From 1 July 2017 Safe Notos was off-hire to allow preventive maintenance and repair of the gangway. Safe Notos recommenced operations with Petrobras in early-August.

Safe Concordia was fully contracted in the second quarter for Petrobras at a market adjusted dayrate. Safe Concordia completed contracted operations with Petrobras late July. The vessel will transit to Curacao for lay-up and is available for future work.

Safe Boreas continued the Repsol Sinopec contract in the UK at market adjusted rates through 24 April 2017. After preparation and mobilisation the Safe Boreas commenced the 13-month firm period with Statoil at the Mariner installation in the UK in early-August.

Safe Caledonia commenced a 134-day plus 30-day option contract with Total in UK in mid-May 2017.

Safe Zephyrus, Regalia, Safe Bristolia and Safe Astoria were idle in the quarter. Safe Zephyrus, Regalia and Safe Bristolia are laid up in Norway, while Safe Astoria is laid up in Indonesia.

In mid-June 2017, Safe Regency was sold for recycling to Aliaga Turkey for USD 1.25 million. Following this, Prosafe has scrapped five vessels as part of its strategy to high grade the fleet and protect cash-flow.

The Safe Eurus is in a preserved, strategic stacking mode with COSCO (Qidong) Offshore Co., Ltd. (COSCO) in China and Prosafe remains in negotiations with COSCO about a workable commercial solution. The standstill agreement between Prosafe and COSCO related to Safe Nova and Safe Vega has been extended until 20 December 2017. Prosafe remains in negotiations with COSCO and related parties for a workable commercial solution for Safe Nova and Safe Vega. If no agreement is reached, Prosafe has the right to claim cancellation of the newbuilding contracts due to delay, and claim repayment of the instalment paid including interest of approx. USD 60 million secured by a refund guarantee from Bank of China.

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

Larnaca, 7 August 2017
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Prosafe Management AS
Phone: +47 51 64 25 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO
Prosafe Management AS
Phone: +47 51 64 25 17 / +47 478 07 813

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 51 64 25 20 / +47 991 09 467