Safe Boreas awarded first contract by Lundin

7/5/2012 2:32 AM EST

Prosafe  has signed a contract  with Lundin Norway AS  ('Lundin') for the use of
its  new build accommodation rig Safe Boreas to provide accommodation support at
the  Edvard Grieg  Project in  the Norwegian  sector of  the North  Sea. On site
operations  are planned to commence Q2 2015, with  a firm period of 6 months. In
addition,  Prosafe has  granted Lundin  one 5 month  option exercisable up to or
within Q3 2014, or one 2 month option exercisable up to or within Q3 2015.

Total value of the firm period will be approximately USD 63.4 million.

The  award is  the first  contract for  the Safe  Boreas which  will be the most
advanced  and efficient harsh  environment accommodation rig  in the world, with
facilities  for 450 persons in  single man cabins,  a  DP3 (dynamic positioning)
system as well as a 12 point mooring arrangement.

Prosafe   is   the  world's  leading  owner  and  operator  of  semi-submersible
accommodation/service rigs. Operating profit reached USD 192.3 million in 2011.
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, 05 July 2012
Georgina Georgiou, General Manager
Prosafe SE


For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: + 47 51 64 25 81

Cecilie Helland Ouff, Finance and IR Manager
Prosafe AS
Phone: +47 51 64 25 20 This information is subject of the disclosure
requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.


[HUG#162439