Prosafe to Order Accommodation Rig in Singapore

October 4, 2012

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.

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Press Release, October 4, 2012