Prosafe SE (OSL:PRS) Operational Update For Q4 2008

Prosafe SE (OSL:PRS) Rig utilisation in the fourth quarter of 2008 was 88 per cent. The rig utilisation for the year 2008 was 92 per cent.

MSV Regalia operated for Aker Solutions in the UK North Sea until the first week of December, after which the rig was mobilised to undertake a refurbishment. Safe Scandinavia operated for StatoilHydro on the Norwegian Continental Shelf until late November. After a short yard stay and mobilisation, Safe Scandinavia commenced operation at the Valhall field for BP in mid-December. Safe Astoria was operating for Sakhalin Energy Investment Company in Russia until mid November, and for the rest of the quarter the rig was on standby in Malaysia. Safe Bristolia was idle throughout the quarter.

All other vessels have been fully utilised in the fourth quarter.

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, 14 January 2009 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