Prosafe SE

Legal Proceedings Report • Sep 24, 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 press release dated 13

September 2021, where it was informed that the Singapore Court granted the

original moratorium order to be extended until 31 January 2022.

In order to provide support to the restructuring process the Companies sought

recognition of the original moratorium in Brazil and Scotland.  The original

moratorium has been recognized in Brazil (in respect of Prosafe SE) by decisions

issued on 8 July 2021. A request for recognition of the extension in Brazil is

currently being sought. A similar moratorium recognition application was made in

Scotland, however, the application was rejected by the Outer House, Court of

Session on 24. September 2021. This decision does not affect the moratorium and

extension granted by the Singapore Court, which remains in full effect as a

matter of Singapore law. As reported previously the moratorium and extension

granted have extra territorial effect outside of Singapore. The Singapore scheme

process and timetable remains unaffected. Prosafe currently has no rigs within

the Scottish jurisdiction (within the range of 12 nautical miles).

Formal support from ca. 98.2% across the USD 1300 million facility and the USD

144 million facility on comprehensive and material restructuring of the

financial indebtedness of the group (the Transaction") continues and  Prosafe's

objective remains to continue business as normal during the restructuring

proceedings.

The Norwegian restructuring proceeding filed on 1 September to facilitate

implementation of the Transaction continues as planned, and the Company expects

to be able to complete the Transaction prior to 31 January 2022.

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, 24 September 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