Prosafe SE

Share Issue/Capital Change • Dec 29, 2016

Prosafe SE: Acquisition of shares in Dan Swift completed

Prosafe SE: Acquisition of shares in Dan Swift completed

Reference is made to the announcement by Prosafe SE

("Prosafe" or the "Company") on 13 December concerning

execution of definitive agreements to acquire all of

the outstanding shares in the two single purpose

companies Axis Nova Singapore Pte. Ltd. ("Axis Nova")

and Axis Vega (Singapore) Pte. Ltd. ("Axis Vega"), and

25% of the shares in Dan Swift (Singapore) Pte. Ltd

("Dan Swift Shares").

The acquisition of Axis Nova and Axis Vega was

completed on 16 December 2016. Today Prosafe reports

the completion also of the acquisition of the Dan

Swift Shares. As part of this, Prosafe has issued to

Axis Offshore Pte. Ltd. as in-kind consideration

subordinated zero coupon convertible bonds in the

total amount of NOK 82,737,000, convertible into

2,757,900 shares at a conversion price of NOK 30 per

share. The bonds have been issued by the Prosafe board

based on the approval of and authorisation granted by

the Company's extraordinary general meeting on 30

November 2016.

With this, all steps of the transaction announced on

13 December 2016 have been completed. For further

details on the transaction, please refer to the

detailed announcement of 10 November 2016, including

the presentation material attached thereto.

Clarksons Platou Securities and Schjødt act as

advisors to Prosafe on the transaction. Danske Bank

has delivered a fairness opinion on the terms of the

transaction to the Board of Prosafe.

Prosafe is a leading owner and operator of semi-

submersible accommodation vessels. The Company

operates globally 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, 29 December 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 51 64 25 17 / +47 478 07 813

Robin Laird, Acting CFO

Prosafe Offshore Services Pte. Ltd.

Phone: +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and

Investor Relations

Prosafe AS

Phone: +47 51 64 25 20 / +47 991 09 467

This information is subject to the disclosure

requirements pursuant to section 5-12 of the Norwegian

Securities Trading Act.