Prosafe SE

Share Issue/Capital Change • Aug 11, 2016

Prosafe SE: Update on bondholders' Cash-out Option and Convertible Bond

Prosafe SE: Update on bondholders' Cash-out Option and Convertible Bond

Reference is made to previous announcements concerning the proposed refinancing

(the "Refinancing") of Prosafe SE ("Prosafe" or the "Company"), including the

summons letter dated 27 July 2016 (the "Summons") calling for Bondholders'

Meeting in the Company's bond loans PRS08, PRS09, PRS10 and PRS11 to be held on

12 August 2016 at 1:00 pm CEST.

The periods for (i) exercise of the bondholders' Cash-out Option and (ii)

requesting Convertible Bond conversion under the Refinancing, as described in

the Summons, have now expired. In total, the Cash-out Option has been exercised

for NOK 242 million. As the Cash-out Option has been exercised for less than the

minimum cash-out amount of NOK 336 million, the clearing price has per the terms

of the proposed Refinancing been set to 35% of current face value of the bonds

and the difference between NOK 84.7 million (35% of NOK 242 million) and the

minimum cash-out amount (NOK 336 million) will be applied for a pro-rata

redemption across remaining bonds.

Based upon received requests from bondholders, the convertible bond will be NOK

82.79 million convertible into 331,163,764 new shares in Prosafe. Adjusted for

the cash-out amount and the convertible bond, remaining bonds will be converted

to 1,396,836,250 new shares in Prosafe through a debt to equity conversion.

As a result of the minimum cash-out amount being exercised, the Company will

issue 4,368,000,000 new shares to investors that participated in the private

placement that was closed on 12 July 2016.

Completion of the cash-out, convertible bond, debt to equity conversion and

allocation of shares in the private placement remains subject to completion of

the Refinancing. For further details, please see the Company's notice of 7 July

2016 and the Summons.

Prosafe is the world's leading owner and operator of semi-submersible

accommodation vessels. The company operates globally and is headquartered in

Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code

PRS. For more information, please refer to www.prosafe.com

Larnaca, 11 August 2016

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

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.

[HUG#2034559]