Prosafe SE - Capital/Financing Update 2016

Prosafe SE: Bond amendments approved - providing increased flexibility

Reference is made to the stock exchange notice from Prosafe SE ("Prosafe" or the

"Company") dated 12 February 2016 concerning the summons to bondholders'

meetings in respect of the Company's bond issues Prosafe SE - 2012/2017 (PRS08),

Prosafe SE - 2013/2020 (PRS09), Prosafe SE - 2013/2018 (PRS10) and Prosafe SE -

2014/2019 (PRS11) (the "Bond Issues") to request certain amendments to the bond

agreements.

The bondholders' meetings were held today and Prosafe is pleased to announce

that it has received approval from the bondholders in all its Bond Issues to

adjust the equity and leverage ratio covenants in the bond agreements so as to

be aligned with the covenants in its bank credit facilities. The additional

headroom created by the amendments to its credit facilities and the amendments

to the bond agreements will provide the Company with increased flexibility.

The notice from the bondholders' meetings is attached to this stock exchange

notice.

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

accommodation vessels. Operating profit amounted to USD 167 million in 2015 and

net profit was USD 85.6 million. 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

Attachment: Notice from the bondholders' meeting

Larnaca, 26 February 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Karl Ronny Klungtvedt, Chief Executive Officer

Prosafe Management AS

Phone: + 47 51 64 25 00

Stig Harry Christiansen, Chief Financial Officer

Prosafe Management AS

Phone: +47 51 64 25 17

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.

[HUG#1989797]

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