Prosafe SE

Legal Proceedings Report • Nov 10, 2021

Prosafe SE and subsidiary company Prosafe Rigs Pte. Ltd. - Update on Financial Restructuring

Prosafe SE and subsidiary company Prosafe Rigs Pte. Ltd. - Update on Financial Restructuring

Reference is made to the earlier information provided about the ongoing

financial process with the lenders, including the press release published on 8

November 2021.

Prosafe SE is pleased to announce that the Norwegian restructuring plan approved

by the requisite majority of creditors on 8 November 2021, was today sanctioned

by Oslo District Court (Nw: Oslo tingrett).

This was an important milestone which will provide further certainty in the

overall restructuring process and Prosafe SE wishes to thank all parties

involved for their support of the restructuring plan and the Group during the

restructuring process to date.

Prosafe SE and PRPL will make the appropriate announcements as and when there

are any further material developments on the completion of the overall

restructuring process. Please monitor Prosafe SE's website for any announcements

or update.

Prosafe continues to anticipate that the financial restructuring will be

effective before or around year end 2021.

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

(https://www.prosafe.com/)

Stavanger, 10 November 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