Update on Merger Process with Floatel: Competition Process

The Norwegian competition authority (“NCA”) has today issued a Statement of objections to Floatel and Prosafe regarding the proposed merger. Floatel and Prosafe do not agree with the NCA.

Prosafe and Floatel have already presented remedial measures to the NCA, to ensure customers on the Norwegian continental shelf have access to sufficient vessel capacity at short notice, on competitive terms. While some of Norway’s most professional customers are positive, the measures have so far not been accepted by the NCA.

Prosafe and Floatel will submit responses to NCA’s considerations. A final decision from the NCA is expected towards the end of October.

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com

Stavanger, 16 September 2019
Prosafe SE

For further information, please contact:

Glen Ole Rødland, Chairman of Prosafe: + 47 907 41 662
Jesper K. Andresen, CEO of Prosafe: +47 51 64 25 30 / +47 907 65 155

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