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2016-12-16

Prosafe SE: Acquisition of Axis Nova and Axis Vega completed

Reference is made to the announcement by Prosafe SE ("Prosafe
" or the "Company
") on 13 December concerning execution of definitive agreements to acquire all
of the outstanding shares in the two single purpose companies Axis Nova
Singapore Pte. Ltd. ("Axis
Nova
") and Axis Vega (Singapore) Pte. Ltd. ("Axis
Vega
"), and 25% of the shares in Dan Swift (Singapore) Pte. Ltd ("Dan Swift Shares
").

Prosafe is pleased to report that today it has completed the acquisition of
Axis Nova and Axis Vega. As part of this, Prosafe has issued to Axis Offshore
Pte. Ltd. as in-kind consideration 5,868,900 ordinary shares priced at NOK 30
per share, and subordinated zero coupon convertible bonds in the total amount
of NOK 320,355,000, convertible into 10,678,500 shares at a conversion price
of NOK 30 per share. The shares and bonds have been issued by the Prosafe
board based on the approval of and authorisation granted by the Company's
extraordinary general meeting on 30 November 2016.

Following this, the number of issued shares outstanding in the Company will be
71,399,002 of nominal value EUR 0.1 each.

The remaining part of the transaction, the acquisition of the Dan Swift
Shares, will be subject to separate completion in due course. The agreed
consideration of USD 10 million for the Dan Swift Shares is, as earlier
reported, to be settled in the form of additional convertible bonds, in the
amount of NOK 82,737,000.

For further details on the transaction and the target companies, please refer
to the detailed announcement of 10 November 2016, including the presentation
material attached thereto.

Clarksons Platou Securities and Schjødt act as advisors to Prosafe on the
transaction. Danske Bank has delivered a fairness opinion on the terms of the
transaction to the Board of Prosafe.

Prosafe is a 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 towww.prosafe.com

Larnaca, 16 December 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. Ltd.
Phone: +65 81 27 21 01

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 51 64 25 20 / +47 991 09 467

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

---------------------------------------
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Prosafe SE via Globenewswire

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