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Acquisition of shares in Dan Swift 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").

The acquisition of Axis Nova and Axis Vega was completed on 16 December 2016. Today Prosafe reports the completion also of the acquisition of the Dan Swift Shares. As part of this, Prosafe has ssued to Axis Offshore Pte. Ltd. as in-kind consideration subordinated zero coupon convertible bonds in the total amount of NOK 82,737,000, convertible into 2,757,900 shares at a conversion price of NOK 30 per share. The 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.

With this, all steps of the transaction announced on 13 December 2016 have been completed. For further details on the transaction, 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 to www.prosafe.com

Larnaca, 29 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