Letter of Interim Agreement for MSV Regalia

Prosafe has been awarded a Letter of Interim Agreement ("LOIA") by Talisman Energy (UK) Limited for the provision of the MSV Regalia accommodation support rig at the Auk South Redevelopment Project in the British sector of the North Sea. The firm period of the contract linked to the LOIA is six (6) months with on site operations planned to commence in 2012. Total value of the contract firm period is about USD 43 million. Prosafe is the world's leading owner and operator of semi-submersible accommodation/service rigs. Operating profit reached USD 221.1 million in 2010. The company operates globally, employs 430 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, 8 March 2011 Prosafe SE For further information, please contact: Karl Ronny Klungtvedt, Chief Executive Officer Prosafe Management AS Phone: +47 51 64 25 81 / +47 908 81 657 Sven Børre Larsen, Chief Financial Officer Prosafe Management AS Phone: +47 51 64 25 30 / +47 909 43 673 Cecilie Ouff, Finance and IR Manager Prosafe AS Phone: +47 51 64 25 20 / +47 991 09 467 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Prosafe SE via Thomson Reuters ONE [HUG#1495350]