Market update on ongoing operations / contracts

Prosafe hereby provides the following update on ongoing operations / contracts in light of COVID-19 and the oil price crash;

1. Safe Concordia: On location and dayrate, although client personnel are demobilized
   
2. Safe Notos: Disconnected and client personnel demobilized. On 95% stand-by dayrate
   
3. Safe Eurus: Disconnected and client personnel demobilized. On 95% stand-by dayrate
   
4. Safe Zephyrus: Vessel was ready to mobilize from Averøy in Norway to support the Thistle project for a 21-day firm period, but was instructed by client on 20^th March not to mobilize. Prosafe will claim full contract value, ca. USD 2 million. A press release from the client stated “The Group has reviewed each of its assets and related spending plans in light of the current lower oil price environment. EnQuest’s updated working assumption is not to re-start production at the Heather and Thistle/Deveron fields.”

Prosafe will provide further updates to the market as and if required.

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 www.prosafe.com

Stavanger, 23 March 2020
Prosafe SE

For further information, please contact:

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

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

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