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2016-02-12

Prosafe SE: Summons to bondholders' meetings

Prosafe SE ("Prosafe" or the "Company") has requested the Bond Trustee of the
following bond issues to summon bondholders' meetings to request certain
amendments to the bond agreements:

* Prosafe SE - 2012/2017 (PRS08)
* Prosafe SE - 2013/2020 (PRS09)
* Prosafe SE - 2013/2018 (PRS10)
* Prosafe SE - 2014/2019 (PRS11)

("Bond Issues")

On 12 January 2016, the Company agreed with the Company's bank syndicates to
amend, inter alia, the equity and leverage covenants in its USD 1,300 million
and USD 288 million credit facilities. In order to align the covenants across
its financing facilities, the Company has also been in discussions with
bondholders in the Bond Issues, concerning similar adjustments to the equity
and leverage ratio covenants in the bond agreements.

The additional headroom and optionality created by the amendments to its
credit facilities and the proposed amendments to the bond agreements will
provide the Company with increased operational and financial flexibility and
will make the Company more robust in a challenging market.

Bondholders representing approximately 58.6 per cent of the outstanding bonds
in PRS08, 50.8 per cent of the outstanding bonds in PRS09, 73 per cent of the
outstanding bonds in PRS10 and 63.1 per cent of the outstanding bonds in
PRS11 have irrevocably undertaken to vote in favour of the proposed
amendments.

For further information, including the date and place of the bondholders'
meetings, please see the attached summons.

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
Larnaca, 12 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

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

Summons to bondholders meetings
http://hugin.info/64729/R/1985837/728405.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#1985837

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