Prosafe SE

Capital/Financing Update • Jan 12, 2016

Prosafe SE: Amendments of credit facilities - providing increased liquidity, flexibility and headroom

Prosafe SE: Amendments of credit facilities - providing increased liquidity, flexibility and headroom

Prosafe SE is pleased to announce that the company with support from its bank

syndicates has amended the USD 1,300 million and USD 288 million credit

facilities.

The additional liquidity, flexibility and headroom created by the amendments,

which cover both covenant headroom and voluntary option to skip two scheduled

amortizations, provides Prosafe with increased operational and financial

flexibility and makes the company more robust in a challenging market. This

allows Prosafe to continue to work proactively with other stakeholders,

including clients, lenders and its owners as illustrated by the recently

completed private placement of shares and by commercial arrangements with

clients.

The amendments to the credit facilities include:

Leverage ratio

Leverage ratio means the ratio of net borrowings divided by adjusted EBITDA.

31    March 2016 - 31 December 2018:     Net Debt(1))/EBITDA(2)) < 6.0

January 2019 and thereafter:                   Net Debt(1))/EBITDA(2)) < 5.0

(1) )Excluding debt related to new builds under construction

(2)) Annualisation of contribution from new vessels that have not been in

operation for a full year

Equity ratio

Equity ratio now means the ratio of the book equity to total assets.

Equity ratio to be minimum 25 per cent from 31 December 2015 until 31 December

2017, and 30 per cent thereafter.

Increased liquidity buffer

Prosafe has secured an option to voluntary skip scheduled amortizations

amounting to two instalments of USD 65 million under the USD 1,300 million

facility, in total amounting to USD 130 million. These voluntary amortizations

options will be available to the company immediately and until 31 December

2017, subject to completion of formal documentation.

Other conditions: No dividends, bond- or equity buy-backs from 31 December 2015

unless;

i)            all voluntary skipped amortizations have been prepaid or

cancelled; and

ii)          a 12 month financial forecast has been provided which confirms

compliance with original financial covenants, except for the equity ratio to be

minimum 35 per cent of book equity.

Prosafe's long-term dividend policy remains as described in the Q3 2014 report.

However, in light of the reduction in industry activity levels, the Board

decided in November 2015 to temporarily suspend dividend payments. The Board

believes that this will be beneficial for the company, from a commercial,

financial and strategic perspective, and that it will improve the company's

financial robustness and optionality.

Prosafe may also seek to obtain continued alignment of covenants across its

financing sources to allow the company to be in a better position to implement

preferred initiatives in this challenging market.

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

accommodation vessels. Operating profit reached USD 248 million in 2014 and net

profit was USD 179 million. The company operates globally, employs 800 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 January 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1978310]