Prosafe SE — Capital/Financing Update 2018

Aug 31, 2018

Update on agreements with Cosco and lenders - Agreements effective 31 August 2018

Update on agreements with Cosco and lenders - Agreements effective 31 August 2018

Reference is made to announcement of 29 August 2018, whereby it was reported that Prosafe ("Prosafe" or the "Company") had received confirmation of support from all lenders for implementation of the agreements and the amendments to the Company's loan facilities.

The Company confirms that all conditions precedent for the effectiveness of the agreements and amendments have now been satisfied. The agreements and the amendments to the loan facilities are effective as of 31 August 2018.

For further detail on the relevant agreements, please refer to announcements of 3 August and 29 August 2018 and the attachments thereto, available on www.prosafe.com and www.newsweb.no.

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.

Stavanger, 31 August 2018

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Phone: +47 478 07 813