Prosafe SE: Prosafe extends standstill agreement with Cosco

Prosafe remains focussed on its fleet high-grading strategy and continues to
work with COSCO Shipping (Qidong) Offshore Co. Ltd (COSCO) to find a
comprehensive commercial solution for the three Prosafe vessels that currently
reside in COSCO's Qidong shipyard in China.

The Safe Eurus is in a preserved, strategic stacking mode and negotiations
continue with COSCO to find a workable commercial solution.

The standstill agreement between Prosafe and COSCO related to Safe Nova and Safe
Vega has recently been extended until 31 May 2018. Prosafe remains in
negotiations with COSCO and related parties for a workable commercial solution
for Safe Nova and Safe Vega. If no agreement is reached, Prosafe has the right
to claim cancellation of the newbuild contracts due to delay, and claim
repayment of the instalments paid including interest of approx. USD 60 million
in total, secured by a refund guarantee from Bank of China.

Prosafe is a leading owner and operator of semi-submersible accommodation
vessels. The company is headquartered in Larnaca, Cyprus and listed on the Oslo
Stock Exchange with ticker code PRS. For more information, please refer to
www.prosafe.com

Larnaca, 18 May 2018
Georgina Georgiou, General Manager
Prosafe SE


For further information, please contact:

Jesper K. Andresen, CEO
Prosafe Management AS
Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO
Prosafe Management AS
Phone: +47 51 64 25 17 / +47 47 80 78 13

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.