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 18

August 2021 in relation to the Notice of Scheme Meetings.

Please take notice that Prosafe SE and Prosafe Rigs Pte Ltd ("PRPL") have today

filed separate applications under section 64(7) of the Singapore Insolvency,

Restructuring and Dissolution Act 2018 to extend the moratorium orders granted

by the Singapore Court on 27 May 2021 for moratorium protection to be extended

up to 31 January 2022 or such other date as the Singapore Court thinks fit (the

"Moratorium Extension Applications").

Creditors who wish to receive a copy of the papers filed in the Moratorium

Extension Applications should contact Prosafe SE's and PRPL's Singapore

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)

Stavanger, 25 August 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

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