Prosafe SE

Capital/Financing Update • Sep 15, 2016

Prosafe SE: Update on timetable for refinancing completion

Prosafe SE: Update on timetable for refinancing completion

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 13 September 2016 relating inter alia to

issuance of the new class A shares in connection with the private placement

closed on 12 July 2016.

According to the timetable set out in the release on 13 September, the new class

A shares were delivered to subscribers against payment yesterday, 14 September

2016. Furthermore, the Company has now in accordance with the Refinancing terms

redeemed bonds against issuance of new convertible bonds in the aggregate

nominal amount of NOK 81,790,013. This redemption was due to a delay in the VPS

delivery of bonds finally completed today, with the consequence that the record

date for the conversion of bonds to shares will also be today. The timetable for

the remaining Refinancing completion will therefore be adjusted by one day as

follows:

Date |Action

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

15 September 2016|Record date for conversion of bonds to shares

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

19 September 2016|Conversion of bonds to class A shares

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

19 September 2016|Listing of all class A shares on the Norwegian OTC list (N-

|OTC)

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

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

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, 15 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: +47 478 07 813

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: +47 991 09 467

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.