Prosafe SE

Legal Proceedings Report • Nov 9, 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 notices regarding the ongoing financial process

with the lenders, including the press release published on 25 October 2021 and

earlier information regarding the Norwegian restructuring proceedings (Nw:

rekonstruksjon) initiated on 1 September 2021 pursuant to the Norwegian

Temporary Act on Restructuring (Nw: Midlertidig lov om rekonstruksjon).

Prosafe SE is happy to announce that the restructuring plan proposed in the

Norwegian restructuring proceedings (which substantially mirrors the plan

proposed in the Singapore scheme of arrangement for Prosafe SE) has now been

approved by the requisite majority in number representing 100% in value of the

creditors casting their votes through proxy and voting forms completed and

submitted by Creditors on 8 November 2021.

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

overall restructuring process.

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 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, 9 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