Prosafe SE: Prosafe wins Westcon dispute regarding the TSV Safe Scandinavia conversion

Stavanger City Court has made a favourable decision in the court case regarding the TSV Safe Scandinavia - Westcon dispute.

The dispute between Westcon Yards AS (Westcon) and Prosafe was related to a substantial cost overrun of Westcon's price estimate for the conversion of the Safe Scandinavia to a tender support vessel at Westcon. Westcon claimed an additional compensation of approx. NOK 306 million plus interest, whereas Prosafe disputed Westcon's claim and claimed a substantial repayment.

The Court gave judgement in favour of Prosafe, and has decided that Westcon must repay Prosafe NOK 344 million plus interest and NOK 10.6 million legal costs.

"We are very pleased to note that the Stavanger City Court has decided in our favour in practically all respects. The judgement represents full repayment of the amount claimed", says Jesper K. Andresen, CEO of Prosafe.

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, 8 March 2018
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Prosafe Management AS
Phone: +47 51 64 25 30 / +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