Prosafe SE

Prosafe SE: Update on financial process - Conversion of convertible bonds

Reference is made to earlier information provided regarding Prosafe SE's

("Prosafe" or the "Company") ongoing financial process with its lenders, and in

particular, the disclosure dated 4 June 2021, and following disclosures,

regarding the refinancing and a proposed scheme of arrangement pursuant to

section 210(1) of the Singapore Companies Act.

Reference is further made to (i) the convertible bond agreement dated 9

September 2016, with ISIN NO 001 0771025, between the Company and Nordic Trustee

AS (in its capacity as bond trustee on behalf of the bondholders) (the "First

Bond Agreement" and the bonds the "First Convertible Bonds") of which NOK

35,706,341 is currently outstanding and (ii) the convertible bond agreement

between the Company and Nordic Trustee AS (in its capacity as bond trustee

behalf of the bondholders) dated 16 December 2016, as subsequently amended,

with ISIN NO 001 078 0992 (the "Second Bond Agreement" and the bonds the

"Second Convertible Bonds") of which NOK 122,836,000 is currently outstanding.

The First Bond Agreement and the Second Bond Agreement, hereafter jointly

referred to as the "Bond Agreements" and the bonds jointly referred to as the

"Convertible Bonds".

Following the occurrence of a Share Settlement Event, as defined under the

Convertible Bond Agreements, the Company has today exercised its right to

convert the outstanding amounts under the Convertible Bonds to shares in the

Company (Share settlement option (forced conversion)). Finalization of the

conversion shall be carried out on 23 August 2021, with a record date on 19

August 2021. Subject to adjustments as further set out in the relevant Bond

Agreements, the First Convertible Bonds shall be converted at a conversion price

of NOK 25 and the Second Convertible Bonds shall be converted at a conversion

price of NOK 30.

Please monitor Prosafe SE's website for any announcements or update on the

process.

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 http://www.prosafe.com

Stavanger, 6 August 2021

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Deputy CEO and CFO

Phone: +47 51 65 25 17 / +47 478 07 813

Cecilie Helland Ouff, Senior Manager - Corporate Finance and Treasury

Phone: +47 51 65 25 20 / +47 991 09 467

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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