Prosafe SE

Share Issue/Capital Change • Nov 1, 2016

Prosafe SE: Preliminary result of the Subsequent Offering

Prosafe SE: Preliminary result 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 previous announcements concerning the refinancing (the

"Refinancing") of Prosafe SE ("Prosafe" or the "Company") as first announced on

7 July 2016 and the prospectus dated 17 October 2016 regarding the subsequent

offering (the "Subsequent Offering") of up to 504,000,000 new shares in Prosafe.

Prosafe hereby announces the preliminary results of the Subsequent Offering.

The subscription period in the Subsequent Offering expired at 16:30 hours (CET)

on 31 October 2016.

The offering was fully subscribed. As a result, Prosafe will issue 504,000,000

shares at NOK 0.25 per Offer Share raising gross proceeds of NOK 126,000,000.

All subscribers being allocated Offer Shares will receive an allocation letter

confirming the number of Offer Shares allocated to the subscriber and the

corresponding amount to be paid. This allocation letter is expected to be

distributed on or about 1 November 2016.

Payment of the Offer Shares will fall due on or about 4 November 2016 and

delivery of the Offer Shares will take place on or about 10 November 2016.

The Offer Shares may not be transferred or traded before they are fully paid,

and the Offer Shares are registered in the Norwegian Central Securities

Depository (VPS). It is expected that the Offer Shares will be admitted to

trading on the Oslo Stock Exchange on or about 10 November 2016.

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, 1 November 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Stig Harry Christiansen, Acting CEO

Prosafe Management AS

Phone: +47 47 80 78 13

Robin Laird, Acting CFO

Prosafe Offshore Services Pte Limited

Phone: +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations

Prosafe AS

Phone: +47 991 09 467

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.