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Update on bondholders' Cash-out Option and Convertible Bond
Reference is made to previous announcements concerning the proposed refinancing (the "Refinancing") of Prosafe SE ("Prosafe" or the "Company"), including the summons letter dated 27 July 2016 (the "Summons") calling for Bondholders’ Meeting in the Company's bond loans PRS08, PRS09, PRS10 and PRS11 to be held on 12 August 2016 at 1:00 pm CEST.

The periods for (i) exercise of the bondholders' Cash-out Option and (ii) requesting Convertible Bond conversion under the Refinancing, as described in the Summons, have now expired. In total, the Cash-out Option has been exercised for NOK 242 million. As the Cash-out Option has been exercised for less than the minimum cash-out amount of NOK 336 million, the clearing price has per the terms of the proposed Refinancing been set to 35% of current face value of the bonds and the difference between NOK 84.7 million (35% of NOK 242 million) and the minimum cash-out amount (NOK 336 million) will be applied for a pro-rata redemption across remaining bonds.

Based upon received requests from bondholders, the convertible bond will be NOK 82.79 million convertible into 331,163,764 new shares in Prosafe. Adjusted for the cash-out amount and the convertible bond, remaining bonds will be converted to 1,396,836,250 new shares in Prosafe through a debt to equity conversion. 

As a result of the minimum cash-out amount being exercised, the Company will issue 4,368,000,000 new shares to investors that participated in the private placement that was closed on 12 July 2016.

Completion of the cash-out, convertible bond, debt to equity conversion and allocation of shares in the private placement remains subject to completion of the Refinancing. For further details, please see the Company's notice of 7 July 2016 and the Summons.

Prosafe is the world's 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, 11 August 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 Limited
Phone: +65 65 59 19 90 / +65 81 27 21 01

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