Prosafe SE

Capital/Financing Update • Aug 12, 2016

Prosafe SE: Completed bondholders' meeting and update on refinancing

Prosafe SE: Completed bondholders' meeting and update on refinancing

Reference is made to previous announcements concerning the proposed refinancing

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

7 July 2016.

Bondholders' meetings in the Company's bond loans PRS08, PRS09, PRS10 and PRS11

were held today, 12 August 2016, at 1:00 pm CEST. As follows from the attached

notice, the Refinancing and the equitization of the bonds as proposed in the

summons letter dated 27 July 2016 (the "Summons") was supported by qualified

majorities in all four bond loans, and thus duly approved.

Completion of the Refinancing remains inter alia subject to final bank approval

and approval by shareholders at the extraordinary general meeting of the Company

to be held on 23 August 2016. For further details, please see the Company's

notice of 7 July 2016 and the Summons.

Subject to these conditions being fulfilled in a timely manner, the Company

expects to complete the Refinancing ultimo August 2016/primo September 2016,

including by delivery of the shares in the private placement closed on 12 July

2016 and issuance of shares and convertible bonds resulting from the debt

conversion. As reported on 10 August 2016, the Company will issue (i) a

convertible bond of NOK 82.79 million convertible into 331,163,764 new shares;

(ii) 1,396,836,250 new shares as consideration for the bond conversion and (iii)

4,376,600,000 (and not 4,368,000,000 as incorrectly reported yesterday) new

shares as part of the private placement.

With respect to the subsequent equity offering, this will be launched upon

publication of an offering and listing prospectus to be approved by relevant

authorities, currently expected ultimo September 2016. As previously announced,

shareholders that did not subscribe in the private placement as of close of

trade on 12 July 2016 (as recorded in the VPS on 14 July 2016), and that will,

inter alia, subject to applicable restrictions, receive non-transferable

subscription rights for a subsequent equity offering of up to USD 15 million.

The subscription price in the subsequent equity offering will be NOK 0.25.

Further information on timing, terms and how to participate, will be announced

in due course, and described in the prospectus to be prepared in connection

therewith. Pending completion of the publication of the prospectus for the

subsequent equity offering and completion of the capital reduction described in

the Refinancing terms, the shares to be issued as part of the private placement

and debt conversion will be unlisted Class A shares (OTC listing may be sought).

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, 12 August 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

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 51 64 25 20 / +47 991 09 467

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#2034936]