Prosafe SE: Update on agreement with lenders - all lender support received and warrants selection made

Reference is made to announcement of 3 August 2018, whereby it was reported that Prosafe ("Prosafe" or the "Company") had reached agreements with COSCO and the majority of its lenders transforming the Company's fleet, market position and earnings potential, and securing a significantly enhanced financial runway.

The Company is pleased to announce that it now has received confirmation of support from all lenders for implementation of the agreements and the amendments to the Company's bank facilities.

The Company has also been informed that the lenders' election to receive warrants instead of increased margins have been fully utilized, implying that 9.78 million warrants will be issued. Each warrant will give a right to subscribe for one new share in the Company at a subscription price of NOK 21.37, as determined on the basis of the average of the volume-weighted average price of the Company's shares on Oslo Børs measured over the 10 trading day period commencing 10 trading days prior to the announcement of 3 August 2018, and the 10 trading day period thereafter.

The warrants will be exercisable any time from and subject inter alia to Prosafe taking delivery of Safe Nova and/or Safe Vega and the next 3 years from such respective delivery dates, however so that any duration exceeding 5 years from the date of the Extraordinary General Meeting will be subject to approval of such extension by a subsequent general meeting. The Warrants are expected to be subject to certain customary adjustment mechanisms, including upon a failure to timely provide extension approval in which case the subscription price will be set to nominal value.

Effectiveness of the announced agreements and the amendments remains conditional on finalized documentation as set out in the announcement of 3 August 2018, as well as approval of the warrants issue by the Company's extraordinary general meeting scheduled for 29 August 2018.

For further detail on the relevant agreements, please refer to announcement of 3 August 2018 and the attachments thereto, available on www.prosafe.com and www.newsweb.no.

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.

Stavanger, 29 August 2018
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 478 07 813