Prosafe SE

Share Issue/Capital Change • Dec 4, 2015

Prosafe SE : Prosafe SE - New share capital registered

Prosafe SE : Prosafe SE - New share capital registered

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR

INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN,

OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION

WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE

SECURITIES DESCRIBED HEREIN.

Reference is made to announcement earlier today regarding the completion of a

private placement of 23,597,300 new shares by Prosafe SE ("Prosafe" or the

"Company").

The new shares allocated in the private placement have today been registered and

issued in the VPS, and the Company's share capital now consists of 259,570,359

ordinary shares, each with a par value of EUR 0.25. The new shares are thus now

tradable on the Oslo Stock Exchange.

Notification of allotment and payment instructions for the Private Placement has

been sent to the applicants through a notification issued by the Joint

Bookrunners. As previously announced, the new shares are expected to be

delivered to investors on 8 December 2015, subject to timely payment.

The private placement was managed by ABG Sundal Collier ASA, Nordea Markets,

Pareto Securities AS, Danske Bank and DNB Markets as Joint Bookrunners.

Larnaca, 4 December 2015

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 00 / +47 478 07 813

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20 / +47 991 09 467

About Prosafe:

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

***

IMPORTANT INFORMATION

This press release is for information purposes only and shall not constitute or

be construed as an offer to buy, sell, issue, or subscribe for, or the

solicitation of an offer to buy, sell, issue, or subscribe for any securities,

nor shall there be any sale of securities in any jurisdiction in which such

offer, solicitation or sale would be unlawful prior to registration or

qualification under the securities laws of any such jurisdiction. Copies of this

announcement are not being made and may not be distributed or sent into the

Australia, Canada, Hong Kong, Japan, the United States or any other jurisdiction

in which such distribution would be unlawful or would require registration or

other measures.

The shares referred to herein have not been and will not be registered under the

United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or

any state securities laws, and will be sold within the United States only to

qualified institutional buyers ("QIB"), as defined in Rule 144A under the U.S.

Securities Act ("Rule 144A"), through affiliates of the managers, in reliance

upon the exemption from the registration requirements provided by section 4(2)

of the U.S. Securities Act Rule 144A, and to certain non-U.S. persons in

offshore transactions in reliance on Regulation S under the U.S. Securities Act.

The shares to be offered will be subject to certain restrictions on transfer.

Certain statements contained herein that are not statements of historical fact,

may constitute forward-looking statements. Forward -looking statements involve

known and unknown risks, uncertainties and other factors that could cause the

actual results or events concerning the Company to be materially different from

the historical results or from any future results expressed or implied by such

forward-looking statements. None of the Company, the managers or any of their

affiliates or advisors provide any assurance that the assumptions underlying

such forward-looking statements are free from errors nor do any of them accept

any responsibility for the future accuracy of the opinions expressed in this

press release or the actual occurrence of the forecasted developments. Except as

may be required by applicable law or stock exchange regulation, neither the

Company nor the managers, or any of their affiliates or advisors, assume any

obligation to update any forward-looking statements or to confirm these forward-

looking statements to actual results.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1971483]