FPSO'S

[10 bagger]

LETTER OF AWARD FOR SAFE SCANDINAVIA AND MSV REGALIA

Prosafe has been awarded a Letter of Award (`LoA`)
by BP Norge AS for the provision of the Safe
Scandinavia and thereafter the MSV Regalia
accommodation support rigs at the Valhall offshore
facility in the Norwegian sector of the North Sea.
The firm duration of the contract linked to the
LoA commencing mid-November 2008 is two years with
a six-month option.

Total value of the contract linked to the LoA
excluding the option period is about USD 166
million. The option period, if exercised, has a
value of about USD 44 million.

Prosafe is the world`s leading owner and operator
of semi-submersible service rigs and a major owner
and operator of floating production and storage
vessels. Operating profit reached USD 150 million
in 2006. The company operates globally and employs
approx. 1,400 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 December 2007
Prosafe SE


For further information please contact:

Arne Austreid, President and CEO
Phone no: [phone]/[phone]

Karl Ronny Klungtvedt, Exec. Vice President and CFO
Phone no: [phone] / [phone]

Robin Laird, President Offshore Support Services
Phone no: [phone] / [phone]