Prosafe SE: Prosafe bond buy-back

Reference is made to our announcement 26 February 2015 regarding a contemplated buy-back of up to NOK 500 million nominal outstanding amount of PRS07 (ISIN: NO0010600299) senior unsecured bonds maturing 25 February 2016.

The "reverse Dutch auction" closed 16:00 CET 5 March 2015. Prosafe SE has decided to accept all offers up to and including a price of 101.9% of par value plus accrued unpaid interest ("the Buy-Back Price"). Prosafe SE hereby confirms to buy back a nominal amount of NOK 240.5 million in PRS07 by paying the Buy-Back Price.

Post cash settlement on 10 March 2015, Prosafe SE holds NOK 240.5 million nominal of the total NOK 500 million nominal outstanding amount in PRS07. Prosafe SE will not cancel or discharge the bonds bought back.

Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. Operating profit reached USD 248.3 million in 2014 and net profit was USD 178.8 million. The company operates globally, employs 650 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

Larnaca, 6 March 2015

Georgina Georgiou, General Manager

Prosafe SE

For further information, please contact:

Sven Børre Larsen, Chief Financial Officer

Prosafe Management AS

Phone: 47 51 64 25 30 / +47 909 43 673

Cecilie Helland Ouff, Senior Manager - Finance and Investor Relations

Prosafe AS

Phone: +47 51 64 25 20 / +47 99 10 94 67