Prosafe SE - Capital/Financing Update 2016

Prosafe SE : Capital reduction completed

Reference is made to previous announcements concerning the refinancing (the

"Refinancing") of Prosafe SE ("Prosafe" or the "Company") as first announced on

7 July 2016.

As announced, as part of the Refinancing and as approved by the Company's

extraordinary general meeting on 23 August 2016, the Company has sought to carry

out a reduction in the nominal value of the Company's ordinary shares, by way of

a reduction of share capital without distribution.

This capital reduction has been approved by the relevant authorities in Cyrus

and has now been completed. As a consequence, all issued shares of the Company

now have a nominal value of EUR 0.001. The Class A Shares issued as part of the

Refinancing will upon publication of the listing prospectus be converted to

ordinary shares (and transferred to the same ISIN as the ordinary shares), and

as a result be listed and tradable on Oslo Børs. The publication of the

prospectus, which will also be the prospectus for the subsequent offering, is

expected to occur on or about 14 October 2016.

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

accommodation vessels. The company is headquartered in Larnaca, Cyprus and

listed on the Oslo Stock Exchange with ticker code PRS. For more information,

please refer to www.prosafe.com

Larnaca, 13 October 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 47 80 78 13

Robin Laird, Acting CFO

Prosafe Offshore Services Pte Limited

Phone: +65 81 27 21 01

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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