Prosafe Posts Operational Update for 2Q 2009

Prosafe SE reported that rig utilization in the second quarter of 2009 was 86 percent.

MSV Regalia was at the Keppel Verolme yard in Rotterdam in the second quarter to undertake a major refurbishment. MSV Regalia left Keppel
Verolme on June 5 to install thrusters and later commence sea trials and testing before mobilising to the Norwegian North Sea. MSV Regalia
started operation for BP at the Valhall field on July 12.

Safe Scandinavia operated for BP at the Valhall field until June 9, after which the rig mobilized to the yard in Invergordon. She will be out of operation for six to seven weeks to allow for a five-week yard stay and mobilization before commencing a 65-day contract for Shell in the UK North Sea towards the end of July 2009.

Safe Concordia started operation for Pemex in the Gulf of Mexico May 8.

Safe Astoria is in layup at the Kemaman yard in Malaysia. In February, SEIC notified Prosafe of termination of the remaining contract duration from early March onwards. Prosafe has received 85 percent of the remaining contract value. Safe Astoria will commence a new contract in early November.

All other vessels have been fully utilized in the second quarter.