Prosafe SE

Completed NOK 350 million 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, 26 October 2023: Reference is made to the stock exchange release from Prosafe SE (“Prosafe” or the “Company”) published 25 October 2023 regarding a contemplated private placement. The Company hereby announces that it has raised approx. NOK 350 million in gross proceeds through a private placement of 5 833 333 new shares (the “New Shares”) at a price per share of NOK 60.00 (the “Offer Price”) (the “Private Placement”).

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 Private Placement took place through an accelerated bookbuilding process after close of market.

The net proceeds from the Private Placement will be used for working capital, preparation for commencement of new contracts and general corporate purposes.

With the successful Private Placement, Prosafe has significantly strengthened its liquidity position and is now fully funded through 2024. This provides the Company with runway to secure new contracts in an improving market and to continue pursuing strategic alternatives ahead of a refinancing at year-end 2025.

Notification of conditional allocation will be sent to the applicants by the Managers on 26 October 2023 before 09:00 hours CEST.

Completion of the Private Placement is subject to (i) an extraordinary general meeting expected to be held on or about 16 November 2023 (the “EGM”) in the Company resolving to approve the Private Placement and issue the Offer Shares, (ii) the pre-payment agreement expected to be entered into between the Company and the Managers (the “Pre-Payment Agreement”) remaining in full force and effect, (iii) the share capital increase pertaining to the issuance of the Offer Shares being validly registered with the NRBE, and (iv) the Offer Shares being validly issued and registered in the Norwegian Central Securities Depository (Euronext Securities Oslo or the “VPS”) (jointly the “Conditions”).