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Prosafe SE: Letter of Intent for another Norwegian sector new build


October 4, 2012 - London

Prosafe has today entered into a Letter of Intent for the construction of a semi-submersible accommodation rig at Jurong Shipyard Pte Ltd ("JSPL") in Singapore. The rig, which is of similar design as Safe Boreas presently in construction at JSPL, will be built to comply with Norwegian regulations. The rig will be ready for operations in the North Sea in 2015 (exact delivery date to be determined in the final yard contract).

In addition, JSPL has, subject to board approval, granted two options for further new builds, meaning that Prosafe now in total has options for three new builds at JSPL. The additional two options can be designed for either the Norwegian Continental Shelf or for world-wide operations outside of Norway.

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, 4 October 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

Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673

Cecilie Helland 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

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