Prosafe SE

Share Issue/Capital Change • Sep 13, 2016

Prosafe SE: Issuance of shares in private placement and update on refinancing completion

Prosafe SE: Issuance of shares in private placement and update on refinancing completion

Reference is made to previous announcements concerning the refinancing (the

"Refinancing") of Prosafe SE ("Prosafe" or the "Company") as announced on 7 July

2016, and the announcement of 5 September 2016 whereby it was reported that the

approval of all stakeholders had been secured, and that the Company would

proceed with completion of the refinancing.

As set out in the release on 5 September 2016, the relevant bank and bond

documentation has now been executed. In addition, the Company has today issued

4,376,600,000 new class A shares in connection with the private placement closed

on 12 July 2016. The shares will be delivered to subscribers against payment on

14 September 2016.

Following this, and pending issuance of additional class A shares as part of the

bond conversion, the Company has 4,636,170,359 shares outstanding, consisting of

259,570,359 ordinary shares and 4,376,600,000 Class A shares (all shares with

equal rights in all respects, save for the rights of conversion of the Class A

shares into ordinary shares). Following completion of the bond conversion and

issuance of additional Class A shares thereunder, the Company will have

6,033,006,609 shares outstanding, consisting of 259,570,359 ordinary shares and

5,773,436,250 class A shares. Pending completion of the capital reduction (as

described in the Refinancing terms, the ordinary shares will have a nominal

value of EUR 0.25 each. The Class A Shares have a nominal value of EUR 0.001

each. Following completion of the capital reduction, all shares will have

nominal value of EUR 0.001 each.

The Company is now proceeding with the remaining completion steps in accordance

with the following timeline:

Date |Action

------------------+------------------------------------------------------------

14 September 2016|Redemption of bonds against settlement under the Cash-out

|Option and the Convertible Bond

------------------+------------------------------------------------------------

14 September 2016|Delivery of shares to subscribers in the private placement

|(subject to due and timely payment)

------------------+------------------------------------------------------------

14 September 2016|Record date for conversion of bonds to shares

------------------+------------------------------------------------------------

16 September 2016|Conversion of bonds to class A shares

------------------+------------------------------------------------------------

16 September 2016|Listing of all class A shares on the Norwegian OTC list (N-

|OTC)

------------------+------------------------------------------------------------

16 September 2016|Record date for remaining forced cash conversion of bonds

------------------+------------------------------------------------------------

20 September 2016|Settlement of the remaining bonds forced to cash conversion

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, 13 September 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Glen Ole Rødland, Interim Chairman

Prosafe SE

Phone: +47 907 41 662

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 478 07 813

Robin Laird, Acting CFO

Prosafe Offshore Services Pte Limited

Phone: +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 991 09 467

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.