Prosafe SE

Legal Proceedings Report • Sep 13, 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 1

September 2021 in relation to directions given by the Singapore Court regarding

applications made by Prosafe SE and Prosafe Rigs Pte Ltd ("PRPL") to extend the

original moratorium orders (granted by the Singapore Court on 27 May 2021) up to

31 January 2022 or such other date as the Singapore Court thinks fit in HC/SUM

3983/2021 and HC/SUM 3984/2021 (the "Moratorium Extension Applications").

At the hearing for the Moratorium Extension Applications held today, the

Singapore Court granted the Moratorium Extension Applications in full, as set

out below:

1. Pursuant to Section 64 of the Insolvency, Restructuring and Dissolution Act

2018 (Act 40 of 2018) ("IRDA"):

a. That the orders under Section 64(1) of the IRDA granted in the original

moratorium orders (and reproduced at paragraphs 1 to 5 below) be

extended until 31 January 2022 or until further orders are made:

* no resolution for the winding up of Prosafe SE/ PRPL shall be

passed;

* no appointment of a receiver or manager over any property or

undertaking of Prosafe SE/ PRPL shall be made;

* no proceedings (other than proceedings under section 210 or 212 of

the Companies Act, or sections 64, 66, 69 or 70 of the IRDA) whether

before a court, arbitral tribunal, administrative agency or

otherwise, and whether current, pending or threatened against

Prosafe SE/ PRPL shall be commenced or continued, except with the

leave of the Court and subject to such terms as the Court imposes;

* no execution, distress or other legal process shall be commenced,

continued or levied against any property of Prosafe SE/ PRPL, except

with the leave of the Court and subject to such terms as the Court

imposes?

* no step shall be taken to enforce any security over any property of

Prosafe SE/ PRPL, or to repossess any goods held by Prosafe SE/ PRPL

under any chattels leasing agreement, hire-purchase agreement, or

retention of title agreement, except with the leave of the Court and

subject to such terms as the Court imposes? and

* no right of re-entry or forfeiture under any lease in respect of any

premises occupied by Prosafe SE/ PRPL shall be enforced (including

pursuant to Sections 18 or 18A of the Conveyancing and Law of

Property Act (Cap. 61)), except with the leave of the Court and

subject to such terms as the Court imposes?

b. Prosafe SE/ PRPL be entitled to attend and make submissions at the

hearing of any application(s) for leave to the Court to commence,

continue, levy, or enforce any of the proceedings, or to take any steps

restrained by the order in paragraph 1(a) above;

2. The order at paragraph 1(a) shall apply to any act of any person in

Singapore, or within the jurisdiction of the Court, whether the act takes

place in Singapore or elsewhere;

3. An officer of Prosafe SE/ PRPL be designated as the Prosafe SE/ PRPL's

Foreign Representative within the meaning of Section 101(24) of the United

States Bankruptcy Code (or any jurisdiction which adopts or incorporates the

UNCITRAL Model Law on Cross-Border Insolvency ("Model Law")) and be

authorised to apply for a suitable order to effectuate the terms of the

application herein and such other additional relief and/or assistance in the

United States of America or any other Model Law jurisdiction as appropriate?

4. Prosafe SE/ PRPL shall have liberty to apply for such further or other

directions as may be necessary? and

5. Prosafe SE/ PRPL shall submit to the Court monthly management accounts and a

13-week cash flow forecast as prepared by its financial advisor and updated

on a fortnightly basis, such documents to be submitted monthly. In addition,

if Prosafe SE/ PRPL acquires or disposes of any property or grants security

over any property, Prosafe SE/ PRPL is to submit information relating to the

acquisition, disposal or grant of security to the Court not later than 14

days after the date of the acquisition, disposal or grant of security.

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 (http://www.prosafe.com)

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

e-m9qDsUgKiAuF72BJpMzMRwO1dZxtUex8j4734ZRcOa_7mPQw==)

Stavanger, 13 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