Prosafe SE: Bond amendments approved - providing increased flexibility

Reference is made to the stock exchange notice from Prosafe SE ("Prosafe" or the "Company") dated 12 February 2016 concerning the summons to bondholders' meetings in respect of the Company's bond issues Prosafe SE - 2012/2017 (PRS08), Prosafe SE - 2013/2020 (PRS09), Prosafe SE - 2013/2018 (PRS10) and Prosafe SE - 2014/2019 (PRS11) (the "Bond Issues") to request certain amendments to the bond agreements.

The bondholders' meetings were held today and Prosafe is pleased to announce that it has received approval from the bondholders in all its Bond Issues to adjust the equity and leverage ratio covenants in the bond agreements so as to be aligned with the covenants in its bank credit facilities. The additional headroom created by the amendments to its credit facilities and the amendments to the bond agreements will provide the Company with increased flexibility.

The notice from the bondholders' meetings is attached to this stock exchange notice.

Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. Operating profit amounted to USD 167 million in 2015 and net profit was USD 85.6 million. The company operates globally, employs 850 people 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 

Attachment: Notice from the bondholders' meeting

Larnaca, 26 February 2016
Georgina Georgiou, General Manager
Prosafe SE

For further information, please contact:
Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: + 47 51 64 25 00

Stig Harry Christiansen, Chief Financial Officer
Prosafe Management AS
Phone: +47 51 64 25 17

Cecilie Helland Ouff, Senior Manager Finance and Investor Relations
Prosafe AS
Phone: +47 51 64 25 20 / +47 991 09 467