Prosafe SE

Capital/Financing Update • Feb 12, 2016

Prosafe SE: Summons to bondholders' meetings

Prosafe SE: Summons to bondholders' meetings

Prosafe SE ("Prosafe" or the "Company") has requested the Bond Trustee of the

following bond issues to summon bondholders' meetings to request certain

amendments to the bond agreements:

* Prosafe SE - 2012/2017 (PRS08)

* Prosafe SE - 2013/2020 (PRS09)

* Prosafe SE - 2013/2018 (PRS10)

* Prosafe SE - 2014/2019 (PRS11)

("Bond Issues")

On 12 January 2016, the Company agreed with the Company's bank syndicates to

amend, inter alia, the equity and leverage covenants in its USD 1,300 million

and USD 288 million credit facilities. In order to align the covenants across

its financing facilities, the Company has also been in discussions with

bondholders in the Bond Issues, concerning similar adjustments to the equity and

leverage ratio covenants in the bond agreements.

The additional headroom and optionality created by the amendments to its credit

facilities and the proposed amendments to the bond agreements will provide the

Company with increased operational and financial flexibility and will make the

Company more robust in a challenging market.

Bondholders representing approximately 58.6 per cent of the outstanding bonds in

PRS08, 50.8 per cent of the outstanding bonds in PRS09, 73 per cent of the

outstanding bonds in PRS10 and 63.1 per cent of the outstanding bonds in PRS11

have irrevocably undertaken to vote in favour of the proposed amendments.

For further information, including the date and place of the bondholders'

meetings, please see the attached summons.

Prosafe is the world's leading owner and operator of semi-submersible

accommodation vessels. Operating profit amounted to USD 167 million in 2015 and

net profit was USD 85.6 million. The company operates globally, employs 850

people 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, 12 February 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer

Prosafe Management AS

Phone: + 47 51 64 25 00

Stig Harry Christiansen, Chief Financial Officer

Prosafe Management AS

Phone: +47 51 64 25 17

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1985837]