Prosafe SE - Capital/Financing Update 2016

Prosafe SE: All refinancing steps successfully completed

Reference is made to previous announcements concerning the refinancing (the

"Refinancing") of Prosafe SE ("Prosafe" or the "Company") as announced on 7 July

2016, and latest the announcement of 19 September 2016.

In accordance with the timetable for the Refinancing, settlement of the

remaining bonds forced to cash conversion has been completed. All actions and

conditions required for completion of the Refinancing have now been finalised

and fulfilled, and the effective date of bond debt discharge and bank amendments

has occurred.

For further information on the Refinancing and the detailed terms thereof,

including the subsequent equity offering currently expected to be launched by

end of September / early October 2016, please see announcement of 7 July 2016

and subsequent releases.

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, 22 September 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Glen Ole Rødland, Interim Chairman

Prosafe SE

Phone: +47 907 41 662

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 51 64 25 17

Robin Laird, Acting CFO

Prosafe Offshore Services Pte Limited

Phone: +65 81 27 21 01

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.

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