Prosafe SE

Prosafe SE: Reorganisation and rationalisation program

As part of its cost efficiency measures reported in connection with the

company's Q1 2016 report, Prosafe is implementing a reorganisation of the

group's shore-based business resulting in a leaner organisation, a smaller and

partly changed group management team and a rationalisation program across its

workforce.

Governed from the head office in Cyprus, the new organisational model of the

group is based on the principle of a lean line organisation focusing on the core

business of safe and efficient management of the fleet.

As part of this change, Robin Laird, current deputy Chief Executive Officer,

will assume the position as acting Chief Financial Officer, while Stig H.

Christiansen continues as acting Chief Executive Officer. As stated in the press

release from 27 April 2016, the Board of Directors will in due course start a

recruitment process for a new permanent CEO evaluating both internal and

external candidates for the position.

The rationalisation is necessary to ensure that the Prosafe group remains

competitive in the current difficult market conditions and in a solid position

for future growth when the industry starts to recover. The proposed work-force

rationalisation is ongoing and will occur gradually throughout the remainder of

2016. The rationalisation program includes a substantial head-count reduction

across the group.

The Group's target is to reduce annual costs by at least USD 30 to 40 million.

This should start to show effect from Q3 and gradually throughout the second

half of 2016 as the rationalisation program takes effect and capacity is

adjusted to a falling activity level. In addition, the target is also to reduce

capex spend noticeably in the near and medium term to protect the financial

position. Further updates will be provided as part of the Q2 2016 report late

August.

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

accommodation vessels. The company operates globally 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, 26 July 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

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#2030587]

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