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2016-02-26

Prosafe SE: Bond amendments approved - providing increased flexibility

Reference is made to the stock exchange notice from Prosafe SE ("Prosafe" or
the "Company") dated 12 February 2016 concerning the summons to bondholders'
meetings in respect of the Company's bond issues Prosafe SE - 2012/2017
(PRS08), Prosafe SE - 2013/2020 (PRS09), Prosafe SE - 2013/2018 (PRS10) and
Prosafe SE - 2014/2019 (PRS11) (the "Bond Issues") to request certain
amendments to the bond agreements.

The bondholders' meetings were held today and Prosafe is pleased to announce
that it has received approval from the bondholders in all its Bond Issues to
adjust the equity and leverage ratio covenants in the bond agreements so as
to be aligned with the covenants in its bank credit facilities. The
additional headroom created by the amendments to its credit facilities and
the amendments to the bond agreements will provide the Company with increased
flexibility.

The notice from the bondholders' meetings is attached to this stock exchange
notice.

Prosafe is the world's leading owner and operator of semi-submersible
accommodation vessels. Operating profit amounted to USD 167 million in 2015
and net profit was USD 85.6 million. The company operates globally, employs
850 people 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

Attachment:Notice from the bondholders' meeting

Larnaca, 26 February 2016
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:
Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: + 47 51 64 25 00

Stig Harry Christiansen, Chief Financial Officer
Prosafe Management AS
Phone: +47 51 64 25 17

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 of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Notice from the bondholders meeting
http://hugin.info/64729/R/1989797/730865.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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

HUG#1989797

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