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Capital reduction completed
Reference is made to previous announcements concerning the refinancing (the "Refinancing") of Prosafe SE ("Prosafe" or the "Company") as first announced on 7 July 2016.

As announced, as part of the Refinancing and as approved by the Company's extraordinary general meeting on 23 August 2016, the Company has sought to carry out a reduction in the nominal value of the Company's ordinary shares, by way of a reduction of share capital without distribution.

This capital reduction has been approved by the relevant authorities in Cyprus and has now been completed. As a consequence, all issued shares of the Company now have a nominal value of EUR 0.001. The Class A Shares issued as part of the Refinancing will upon publication of the listing prospectus be converted to ordinary shares (and transferred to the same ISIN as the ordinary shares), and as a result be listed and tradable on Oslo Børs. The publication of the prospectus, which will also be the prospectus for the subsequent offering, is expected to occur on or about 14 October 2016.

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 to

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

For further information, please contact:

Stig Harry Christiansen, Acting CEO
Prosafe Management AS
Phone: +47 47 80 78 13

Robin Laird, Acting CFO
Prosafe Offshore Services Pte Limited
Phone: +65 81 27 21 01