Prosafe SE: Summons to bondholders' meetings

Prosafe SE ("Prosafe" or the "Company") has requested the Bond Trustee of the following bond issues to summon bondholders' meetings to request certain amendments to the bond agreements: 

• Prosafe SE - 2012/2017 (PRS08)
• Prosafe SE - 2013/2020 (PRS09)
• Prosafe SE - 2013/2018 (PRS10)
• Prosafe SE - 2014/2019 (PRS11)

("Bond Issues")

On 12 January 2016, the Company agreed with the Company's bank syndicates to amend, inter alia, the equity and leverage covenants in its USD 1,300 million and USD 288 million credit facilities. In order to align the covenants across its financing facilities, the Company has also been in discussions with bondholders in the Bond Issues, concerning similar adjustments to the equity and leverage ratio covenants in the bond agreements.

The additional headroom and optionality created by the amendments to its credit facilities and the proposed amendments to the bond agreements will provide the Company with increased operational and financial flexibility and will make the Company more robust in a challenging market.

Bondholders representing approximately 58.6 per cent of the outstanding bonds in PRS08, 50.8 per cent of the outstanding bonds in PRS09, 73 per cent of the outstanding bonds in PRS10 and 63.1 per cent of the outstanding bonds in PRS11 have irrevocably undertaken to vote in favour of the proposed amendments.

For further information, including the date and place of the bondholders' meetings, please see the attached summons.

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

Larnaca, 12 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