Prosafe SE

Business and Financial Review • Jun 1, 2016

Prosafe SE: Company update 1st June 2016

Prosafe SE: Company update 1st June 2016

As set out in Prosafe SE's ("Prosafe" or the "Company") Q1 2016 report, the

Company remains in constructive dialogue with its key stakeholders for the

purpose of improving the Company's financial situation. The Company is

evaluating, together with its advisors, different options that will secure a

robust solution and sufficient runway for the Company throughout 2020, which may

include a deleveraging of the balance sheet.

The current discussions are based on a balanced solution involving new capital,

amortization relief and covenant ease from the senior lenders and conversion

(equitization) of all or parts of the outstanding unsecured bond debt.

Furthermore, the Company is working to find an amicable solution regarding the

delivery of the Safe Eurus to better fit its contractual obligations and to

reduce actual 2016 capex compared to the USD 700 million guiding.

In parallel, the Company continues the work to optimise its operating model,

fleet composition and fleet utilization, as well as cost and spend levels.

The board currently anticipates that a solution is within reach during the

summer. The Board further anticipates that the Company will deliver an EBITDA in

2016 of between USD 170 mill and USD 220 mill and an EBITDA in 2017 of between

USD 110 and USD 140 mill depending on the outcome of certain contractual

discussions with counterparties.

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

accommodation vessels. 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, 1 June 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO and CFO

Prosafe Management AS

Phone: +47 51 64 25 17 / +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

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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