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Prosafe SE (OSL:PRS) Second Option Exercised For Safe Esbjerg

Prosafe SE (OSL:PRS) Mærsk Olie og Gas AS has exercised the second of two six-month options available for continued use of the Safe Esbjerg accommodation jack-up. Total value of the exercised option period is about EUR 8.2 million.

The exercised six-month option will commence immediately after the existing firm period and continues through 29 June 2009. Thereafter, Safe Esbjerg will start the recently awarded two-year contract with one-year option for Mærsk Olie and Gas AS at the same field in the Danish sector of the North Sea.

Prosafe is the world's leading owner and operator of semi-submersible accommodation/service rigs. Operating profit reached USD 222.2 million in 2007. The company operates globally, employs approx. 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, 25 November 2008 Prosafe SE

For further information, please contact:
Arne Austreid, President and CEO Phone no: +357 246 21 746 / +357 992 75 030

Karl Ronny Klungtvedt, Exec. Vice President and CFO Phone no: +357 2462 1982 / +357 996 88 169

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Prosafe SE

http://www.prosafe.com

ISIN: CY0100470919

Stock Identifier: XOSL.PRS

US: PSFSF.PK

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