Prosafe SE

Legal Proceedings Report • Oct 6, 2021

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

Prosafe SE: 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 press release dated 5

October 2021 in relation to the applications made by Prosafe SE and Prosafe Rigs

Pte Ltd ("PRPL") 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").

The Singapore Court has today provided the following directions in relation to

the Sanction Applications:

- By no later than 12pm (Singapore time) on Monday, 11 October 2021: Any person

(including any creditor) who objects to either or both of the Sanction

Applications shall file and serve an affidavit.

- By no later than 12pm (Singapore time) on Wednesday, 13 October 2021: Prosafe

SE and PRPL shall file and serve their reply affidavit(s), if any.

- By no later than 12pm (Singapore time) on Friday, 15 October 2021: Any person

(including Prosafe SE, PRPL and/or any creditor) shall file and serve their

written submissions and bundles of authorities, if any. A hard copy of the same

shall also be tendered to Court by the same deadline.

- By no later than 4pm (Singapore time) on Friday, 15 October 2021: The

following are to be tendered to the Singapore Court: (a) an attendance list of

all who wish to attend the hearing; and (b) a time bank setting out the

allocation of time for oral submissions by each who wishes to address the

Singapore Court at the hearing, taking into account that the entire hearing will

take no more than 1.5 hours altogether.

- 3.30pm (Singapore time) on Monday, 18 October 2021: Sanction Applications to

be heard before the Honourable Justice Pang Khang Chau.

Creditors who wish to attend the hearing for the Sanction Applications are

requested to inform the solicitors of Prosafe SE and PRPL of their intention to

do so, by emailing Prosafe.Queries@CliffordChance.com

(mailto:Prosafe.Queries@CliffordChance.com) with their details before 4pm

(Singapore) time on Thursday, 14 October 2021, indicating (a) whether they

support or oppose the Sanction Applications and (b) the time they will require

for oral submissions.

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

are any further material developments on the financial process and the matters

above. Please monitor Prosafe SE's website for any announcements or update on

the process.

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 www.prosafe.com

(https://www.globenewswire.com/Tracker?data=wg3IaNRJCw1MmETnYKD4MlwNM0DrVMSiHHV4

e-m9qDsUgKiAuF72BJpMzMRwO1dZxtUex8j4734ZRcOa_7mPQw==)

Stavanger, 6 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