Prosafe SE

Capital/Financing Update • Sep 19, 2016

Prosafe SE: Conversion of bonds and issuance of new class A shares

Prosafe SE: Conversion of bonds and issuance of new class A shares

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 15 September 2016.

In accordance with the timetable for the Refinancing, the Company has issued

1,400,839,757 new class A shares as part of the conversion of senior unsecured

bonds to shares pursuant to the Refinancing terms. The conversion is completed

in VPS today.

Following this, the Company has 6,037,010,116 shares outstanding, consisting of

259,570,359 ordinary shares and 5,777,439,757 Class A shares. The lower of

number of class A shares compared to previous announcements, is due to standard

VPS rounding in connection with the bond conversion. Pending completion of the

capital reduction (as described in the Refinancing terms), the ordinary shares

will have a nominal value of EUR 0.25 each. The Class A Shares have a nominal

value of EUR 0.001 each. Following completion of the capital reduction, all

shares will have nominal value of EUR 0.001 each. All shares have equal rights

in all respects, save for the rights of conversion of the Class A shares into

ordinary shares.

The class A shares issued as part of the Refinancing, i.e. the shares issued

through the private placement and the bond conversion, will today be listed on

the Norwegian OTC list (N-OTC).

The timetable for the remaining Refinancing completion is now as follows:

Date |Action

-----------------+-----------------------------------------------------------

19 September 2016|Record date for remaining forced cash conversion of bonds

-----------------+-----------------------------------------------------------

21 September 2016|Settlement of the remaining bonds forced to cash conversion

-----------------+-----------------------------------------------------------

21 September 2016|Last day of listing of bonds on Oslo Børs

With respect to the subsequent equity repair offering, as set out in previous

announcements, latest on 5 September 2016, this will be launched upon

publication of the offering and listing prospectus to be approved by relevant

authorities, currently expected end of September / early October 2016.

Shareholders as of close of trade on 12 July 2016 (as recorded in VPS on 14 July

2016) not allocated shares in the private placement will, subject to applicable

restrictions, receive non-transferable subscription rights for up to

504,000,000 shares. Further information on timing, terms and how to participate,

will be announced in due course, and described in the prospectus. See also the

Company's announcement on 5 September 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, 19 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 61 64 25 20

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.