Prosafe SE

Prosafe SE: conversion of class A shares and listing

Reference is made to previous announcements concerning the refinancing (the

"Refinancing") of Prosafe SE ("Prosafe" or the "Company") as first announced on

7 July 2016, as well as the announcement of 13 October 2016 concerning

completion of the capital reduction.

Following publication of the listing prospectus as announced today, the Class A

Shares issued as part of the Refinancing, have now been converted to ordinary

shares. As part of this, the shares will be transferred to the same ISIN as the

ordinary shares in VPS.

As a result, the former Class A shares will together with all other shares of

the Company be listed and tradable on Oslo Børs as of and from Monday 17 October

2016. From the same time, the Class A Shares will be deregistered from the N-OTC

list.

Prosafe is the world's 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, 14 October 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 47 80 78 13

Robin Laird, Acting CFO

Prosafe Offshore Services Pte Limited

Phone: +65 81 27 21 01

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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