Prosafe SE: Amended Q4 2015 report

Reference is made to the Company update on 27 April 2016. As a result of the negative developments following the preliminary Q4 2015 report dated 4 February 2016, the Company has made additional impairment charges to those included in the preliminary Q4 2015 report.

The Board of Directors has amended the Q4 2015 report to include an additional impairment of USD 136.2 million compared to the report published on 4 February 2016. This additional impairment charge relates to Safe Hibernia, Safe Britannia, Safe Regency, Safe Lancia, Safe Concordia, Safe Astoria and Safe Bristolia. Including the initial impairment of USD 9.4 million relating to Jasminia, the total impairment charge in 2015 amounts to USD 145.6 million.

There has been a reclassification of USD 100 million of debt in the amended Q4 report from interest-bearing long-term debt to current portion of long-term debt. In the amended Q4 report, current portion of long-term debt is USD 139.5 million and interest-bearing long-term debt is USD 1 107.4 million. The comparable numbers in the original Q4 report was a current portion of long-term debt of USD 39.5 million and an interest-bearing long-term debt of USD 1 207.5 million.

Please find attached amended Q4 2015 report.

Prosafe is the world's leading owner and operator of semi-submersible accommodation vessels. 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.

Larnaca, 27 April 2016
Georgina Georgiou, General Manager
Prosafe SE


For further information, please contact:

Stig Harry Christiansen, Acting Chief Executive Officer and 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
 

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