Prosafe SE

Disclosure of substantial shareholding in Prosafe SE

Reference is made to the announcement by Prosafe SE

("Prosafe" or the "Company") on 10 November 2016

concerning the letter of intent with Axis Offshore

Pte. Ltd.

for the potential acquisition of all outstanding

shares in the two single purpose companies Axis Nova

Singapore Pte. Ltd. and Axis Vega Singapore Pte. Ltd.,

and 25% of the shares in Dan Swift (Singapore) Pte.

Ltd (the "Transaction").

The agreed consideration for the Transaction of USD

70 million (NOK 579.2 million) will be settled by

Prosafe in kind, through the issuance of 5,868,900

ordinary shares priced at NOK 30 per share and hence

result in a dilution of shareholder share by existing

shareholders.

Following the issuance of 5,868,900 ordinary shares

resulting in a total issued number of 71,399,002

ordinary shares, funds managed by DNB Asset Management

now holds 4,67% of the outstanding shares, equaling 3

332 561 ordinary shares.

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