Prosafe SE

Legal Proceedings Report • Oct 18, 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, the latest in: (a) a press release dated 13

October 2021 in relation to Prosafe SE's and Prosafe Rigs Pte Ltd's ("PRPL")

applications for the Singapore Court to approve the Schemes agreed at the Scheme

Meetings of the Scheme Creditors, in HC/OS 997/2021 and HC/OS 998/2021 (the

"Sanction Applications"); and (b) a press release dated 14 October 2021 in

relation to Westcon Yards AS' confirmation of their formal support of the

Schemes.

At the hearing of the Sanction Applications on 18 October 2021, the Singapore

Court sanctioned the Schemes and permitted the insertion of a new clause 8.4 in

the Schemes (as mentioned in the press release dated 13 October 2021).

Prosafe SE and PRPL will proceed to lodge copies of the orders made by the

Singapore Court with the Accounting and Corporate Regulatory Authority of

Singapore.

Prosafe SE wishes to thank all parties involved for their support of the Schemes

and the Group during the restructuring process to date.

The next important milestone involves the restructuring being approved as part

of the Norwegian restructuring proceedings.

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

Stavanger, 18 October 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