Prosafe SE

Prospectus • Dec 15, 2021

Prosafe SE: Update on financial restructuring and forward-looking statement

Prosafe SE: Update on financial restructuring and forward-looking statement

Prospectus published

Reference is made to earlier information provided regarding the financial

restructuring process of Prosafe SE and Prosafe Rigs Pte. Ltd. ("PRPL").

In preparation for the implementation and closing of the financial

restructuring, a listing prospectus for the issuance of new shares in connection

with the private placement towards creditors against conversion of total debt of

ca. USD 1.1 billion has today been published. The prospectus is attached and is

available on https://www.prosafe.com/investor-information/.

The Norwegian Financial Supervisory Authority approved the prospectus on 14

December 2021.

Implementation of the restructuring

Prosafe expects implementation of the Step 1 Conversion, as described in the

prospectus, to be finalized within the next days where 7 894 088 600 shares will

be issued, and that the Step 2 Conversion will be finalized shortly thereafter.

Prosafe will provide further updates as required and continues to anticipate

that the financial restructuring will be effective before year end.

Forward looking statement

Prosafe takes the opportunity to provide guidance for the full year 2021 and

2022 EBITDA which is anticipated to end up in the area of respectively USD 24 -

26 million for 2021 and USD 50 - 60  million for 2022, assuming that contracts

already entered into are completed as scheduled.

Prosafe is a leading owner and operator of semi-submersible accommodation

vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.

For more information, please refer to https://www.prosafe.com

Stavanger, 15 December 2021

Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO

Phone: +47 51 65 24 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO

Phone: +47 51 64 25 17 / +47 478 07 813

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act