Prosafe SE

Major Shareholding Notification • Dec 7, 2017

SHAREHOLDING DISCLOSURE

SHAREHOLDING DISCLOSURE

HV VI Invest Sierra Malta Ltd. ("HV Sierra"), a company controlled by HitecVision VI, LP, holds 3,876,709 shares in Prosafe SE ("Prosafe") equalling 5.10% of the existing shares and votes in Prosafe. In addition, HV Sierra holds bonds with a nominal value of NOK 266,263,000 (the "Bonds") issued by Prosafe in a subordinated zero coupon convertible bond convertible into shares in Prosafe at a conversion price of NOK 30 per share.

HV Sierra has today delivered an exercise notice regarding the exercise of its conversion right for NOK 143,427,000 of the Bonds pursuant to clause 13 of the bond agreement. Such conversion is required to be effected by Prosafe within 10 business days after delivery of the exercise notice. As a result of the conversion, HV Sierra will receive 4,780,900 shares in Prosafe. Immediately after the conversion, HV Sierra will hold a total of 8,657,609 shares in Prosafe (equalling 10.72% of the shares and votes in Prosafe based on the amount of shares outstanding after the conversion).

The ownership of North Sea Strategic Investments AS, a company indirectly controlled by HitecVision VII, LP, in Prosafe remains unchanged at 15,479,410 shares, equalling 19.18% of the shares and votes in Prosafe upon completion of the conversion.

HitecVision Advisory AS provides investment advice in respect of HitecVision VI, LP and manages HitecVision VII, LP.

The above calculations of share ownership after the conversion are based on 80,725,809 shares outstanding in Prosafe.

This disclosure is made pursuant to section 4-2 and 4-3 of the Norwegian Securities Trading Act.