Prosafe SE

Contemplated private placement

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Stavanger, 25 October 2023: Prosafe SE ("Prosafe" or the "Company") hereby announces a contemplated private placement of up to NOK 350 million by issue of new shares (the "Offer Shares") in the Company (the "Private Placement"). The subscription price per Offer Share (the “Offer Price”) and the final number of Offer Shares to be issued in the Private Placement will be set by the Company's board of directors (the "Board") on the basis of an accelerated bookbuilding process conducted by the Managers (as defined below).

The Company has appointed Pareto Securities AS and SpareBank 1 Markets AS as joint global coordinators and joint bookrunners, and Carnegie AS and Clarksons Securities AS as joint bookrunners (together the "Managers").

The net proceeds to the Company from the Private Placement will be used for investments and mobilization costs to enable new contract opportunities, strengthening of the balance sheet and general corporate purposes.

The bookbuilding period in the Private Placement will commence today 25 October 2023, at 16:30 hours CEST and close on 26 October 2023 at 08:00 hours CEST (the "Bookbuilding Period"). The Company and the Managers may, however, at any time resolve to extend or shorten the Bookbuilding Period on short or no notice. If the Bookbuilding Period is extended or shortened, any other dates referred to herein may be amended accordingly.

The allocation of Offer Shares will be determined following the Bookbuilding Period, and the final allocation will be made at the sole discretion of the Board (in consultation with the Managers). The Board will focus on criteria such as (but not limited to) current ownership in the Company, indications from the wall-crossing phase of the Private Placement, price leadership, timeliness of the application, relative order size, sector knowledge, perceived investor quality and investment horizon.

Notification of conditional allocation will be sent to the applicants by the Managers on or about 26 October 2023 before 09:00 hours CEST, subject to any shortenings or extensions of the Bookbuilding Period.