Prosafe SE

Legal Proceedings Report • Jul 16, 2021

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

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

Reference is made to the earlier information provided about the ongoing

financial process with lenders, the latest in a press release dated 14 July

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

applications for leave of the Singapore Court to convene meetings of its

creditors to vote on proposed schemes of arrangement pursuant to section 210(1)

of the Singapore Companies Act in HC/ OS 711/ 2021 and HC/ OS 712/2021 (the

"Convening Applications").

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

the Convening Applications as follows:

1 - By no later than 4pm (Singapore time) on Friday, 23 July 2021

Any party who objects to the Convening Applications shall file an affidavit. All

affidavits are to be served by email followed by service on eLitigation.

2 -  By no later than 4pm (Singapore time) on Tuesday, 27 July 2021

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

3  -  By no later than 4pm (Singapore time) on Thursday, 29 July 2021

The following are to be tendered to the Singapore Court, (a) submissions and

bundle of authorities which are also to be exchanged between the parties; (b) an

attendance list of all who wish to attend the hearing, indicating whether the

party attending is supporting or opposing the Convening Applications; and (c) a

time bank setting out the allocation of time for oral submissions by each who

wishes to address the Court at the hearing, on the assumption that the hearing

will take no more than 1 hour altogether.

4 - 11.30 am (Singapore time) on Monday, 2 August 2021

Convening Applications hearing before the Honourable Justice Pang Khang Chau.

Creditors who wish to attend the Convening Applications hearing (either in

person or through their solicitors) should 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 Wednesday, 28 July 2021,

indicating (a) whether they support or oppose the Convening 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 (http://www.prosafe.com)

Stavanger, 16 July 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