Prosafe SE

Share Issue/Capital Change • Nov 9, 2016

Prosafe SE: Completion of the Subsequent Offering

Prosafe SE: Completion of the Subsequent Offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR

INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES

Reference is made to announcement of 1 November 2016 concerning the final

results of and allocation of shares in the subsequent offering (the "Subsequent

Offering") of new ordinary shares (the "Offer Shares") in Prosafe SE ("Prosafe"

or the "Company") at a subscription price of NOK

0.25 per Offer Share.

Settlement of the Subsequent Offering has now been completed and 504,000,000 new

ordinary Offer Shares have been issued and registered in the Norwegian Central

Securities Depository (VPS). Pursuant to the terms of the prospectus dated 14

October 2016, the Offer Shares will, subject to due payment, be delivered to

investors today. The Offer Shares are tradable on Oslo Børs.

Following the completion of the Subsequent Offering and previous conversion of

Class A-shares, the Company's total number of issued and outstanding shares now

consists of 6,553,010,116 ordinary shares.

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, 9 November 2016

Georgina Georgiou, General Manager

Prosafe SE

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 51 64 25 17 / +47 478 07 813

Robin Laird, Acting CFO

Prosafe Offshore Services Pte Limited

Phone: +65 65 59 19 90 / +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act

*****

Important information:

The release is not for publication or distribution, in whole or in part directly

or indirectly, in or into Australia, Canada, Japan or the United States

(including its territories and possessions, any state of the United States and

the District of Columbia).

This release is an announcement issued pursuant to legal information

obligations, and is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act. It is issued for information

purposes only, and does not constitute or form part of any offer or solicitation

to purchase or subscribe for securities, in the United States or in any other

jurisdiction.  The securities mentioned herein have not been, and will not be

registered under the United States Act of 1933, as amended (the "Securities

Act").  The Securities may not be offered or sold in United States except

pursuant to an exemption from the registration requirements of the Securities

Act.  The Company does not intend to register any portion of the offering of the

securities in the United States or to conduct a public offering of the

securities in United States. Copies of this announcement are not being made and

may not be distributed or sent into Australia, Canada, Japan or the United

States.  The subscription or purchase of shares in the Company is subject to

specific legal or regulatory restrictions in certain jurisdictions.  Neither the

Company nor the Managers assumes any responsibility in the event there is a

violation by any person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by

law. Persons into whose possession this release comes should inform themselves

about and observe any such restrictions. Any failure to comply with these

restrictions may constitute violation of the securities laws of any such

jurisdiction. The Managers are acting for the Company and no one else in

connection with the Subsequent Offering and will not be responsible to anyone

other than the Company for providing the protections afforded to their

respective clients or for providing advice in relation to any other matter

referred to in this release.

Forward-looking statements:

This release and any materials distributed in connection with this release may

contain certain forward-looking statements. By their nature, forward-looking

statements involve risk and uncertainty because they reflect the Company's

current expectations and assumptions as to future events and circumstances that

may not prove accurate.  A number of material factors could cause actual results

and developments to differ materially from those expressed or implied by these

forward-looking statements.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.