Prosafe SE

Prosafe SE: Update on agreement with lenders - all lender support received and warrants selection made

Reference is made to announcement of 3 August 2018, whereby it was reported that

Prosafe ("Prosafe" or the "Company") had reached agreements with COSCO and the

majority of its lenders transforming the

Company's fleet, market position and earnings potential, and securing a

significantly enhanced financial runway.

The Company is pleased to announce that it now has received confirmation of

support from all lenders for implementation of the agreements and the amendments

to the Company's bank facilities.

The Company has also been informed that the lenders' election to receive

warrants instead of increased margins have been fully utilized, implying that

9.78 million warrants will be issued. Each warrant will give a right to

subscribe for one new share in the Company at a subscription price of NOK

21.37, as determined on the basis of the average of the volume-weighted average

price of the Company's shares on Oslo Børs measured over the 10 trading day

period commencing 10 trading days prior to the announcement of 3 August 2018,

and the 10 trading day period thereafter.

The warrants will be exercisable any time from and subject inter alia to Prosafe

taking delivery of Safe Nova and/or Safe Vega and the next 3 years from such

respective delivery dates, however so that any duration exceeding 5 years from

the date of the Extraordinary General Meeting will be subject to approval of

such extension by a subsequent general meeting. The Warrants are expected to be

subject to certain customary adjustment mechanisms, including upon a failure to

timely provide extension approval in which case the subscription price will be

set to nominal value.

Effectiveness of the announced agreements and the amendments remains conditional

on finalized documentation as set out in the announcement of 3 August 2018, as

well as approval of the warrants issue by the Company's extraordinary general

meeting scheduled for 29 August 2018.

For further detail on the relevant agreements, please refer to announcement of

3 August 2018 and the attachments thereto, available on www.prosafe.com and

www.newsweb.no.

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.

Stavanger, 29 August 2018

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Phone: +47 478 07 813

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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