Prosafe SE: Prosafe and Shell agree on 2021 North Sea campaign

Prosafe and Shell U.K. Limited ('Shell') have agreed to defer and amend the contract for the Safe Zephyrus to provide accommodation services in support of the Shearwater platform turnaround. The revised firm duration of the contract of 115 days commences in March 2021 although Shell has the option of adding either 30 or 45 days to the front end resulting in an earlier commencement date. Shell retains the option to extend the contract after the firm duration by up to 30 days.

As part of the agreement, Shell will compensate Prosafe through a fee considering the 10 month mobilization deferment. Additionally, Shell and Prosafe will strategically work closely for 2022 and 2023, maximizing opportunity to benefit both parties.

Jesper Kragh Andresen, CEO of Prosafe says: "Shell has been, and will continue to be, one of our most valued customers. The COVID-19 pandemic has impacted the industry hard - operator and contractor alike - and it has been encouraging to work with Shell to solve the mutual challenges in a way which resulted in an agreement for the 2021 Shearwater turnaround, and a stronger strategic collaboration thereafter."

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

Stavanger, 3 September 2020
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: [phone]

Stig Harry Christiansen, Deputy CEO and CFO
Phone: [phone]

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