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2016-09-13

Prosafe SE: Issuance of shares in private placement and update on refinancing completion

Reference is made to previous announcements concerning the refinancing (the
"Refinancing") of Prosafe SE ("Prosafe" or the "Company") as announced on 7
July 2016, and the announcement of 5 September 2016 whereby it was reported
that the approval of all stakeholders had been secured, and that the Company
would proceed with completion of the refinancing.

As set out in the release on 5 September 2016, the relevant bank and bond
documentation has now been executed. In addition, the Company has today
issued 4,376,600,000 new class A shares in connection with the private
placement closed on 12 July 2016. The shares will be delivered to subscribers
against payment on 14 September 2016.

Following this, and pending issuance of additional class A shares as part of
the bond conversion, the Company has 4,636,170,359 shares outstanding,
consisting of 259,570,359 ordinary shares and 4,376,600,000 Class A shares
(all shares with equal rights in all respects, save for the rights of
conversion of the Class A shares into ordinary shares). Following completion
of the bond conversion and issuance of additional Class A shares thereunder,
the Company will have 6,033,006,609 shares outstanding, consisting of
259,570,359 ordinary shares and 5,773,436,250 class A shares. Pending
completion of the capital reduction (as described in the Refinancing terms,
the ordinary shares will have a nominal value of EUR 0.25 each. The Class A
Shares have a nominal value of EUR 0.001 each. Following completion of the
capital reduction, all shares will have nominal value of EUR 0.001 each.

The Company is now proceeding with the remaining completion steps in
accordance with the following timeline:

-----------------------------------------------------------------------------------------------------
| Date Action |
| 14 September 2016 Redemption of bonds against settlement under the Cash-out Option and the |
| Convertible Bond |
| 14 September 2016 Delivery of shares to subscribers in the private placement (subject to due and |
| timely payment) |
| 14 September 2016 Record date for conversion of bonds to shares |
| 16 September 2016 Conversion of bonds to class A shares |
| 16 September 2016 Listing of all class A shares on the Norwegian OTC list (N-OTC) |
| 16 September 2016 Record date for remaining forced cash conversion of bonds |
| 20 September 2016 Settlement of the remaining bonds forced to cash conversion |
-----------------------------------------------------------------------------------------------------
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 towww.prosafe.com

Larnaca, 13 September 2016
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:

Glen Ole Rødland, Interim Chairman
Prosafe SE
Phone: +47 907 41 662

Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +47 478 07 813

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.

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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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