Prosafe SE

Legal Proceedings Report • Jul 14, 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 earlier information provided regarding Prosafe SE and

subsidiary company Prosafe Rigs Pte. Ltd's ("Prosafe" or the Company") ongoing

financial process with its lenders, latest on 18th June 2021.

As informed earlier, although Prosafe has received formal support from 94.5% of

its secured lenders for the agreed financial solution, to enable the orderly

implementation of the agreed restructuring solution, the Company together with

its subsidiary Prosafe Rigs Pte Ltd have each today made an application to the

High Court of the Republic of Singapore pursuant to section 210(1) of the

Singapore Companies Act to seek permission to convene meetings of its creditors

to vote on proposed schemes of arrangement (the "Singapore Scheme

Applications"). The Singapore Scheme Applications are further supported by

applications on foot for recognition of the existing Singapore Moratorium in

other relevant jurisdictions. It is anticipated that implementation steps will

be progressed in other relevant jurisdictions in due course.

The Company expects to be able to complete the overall restructuring transaction

prior to 30 September 2021, which is the agreed long stop date with its secured

lenders and corresponds to the current duration of the Singapore Moratorium as

announced earlier.

The Company will make the appropriate announcements as and when there are

further material developments on the financial process and the matters above.

Please monitor Prosafe SE's website for any announcements or updates on the

process.

Moelis & Company are acting as financial advisors, and Schjødt and Clifford

Chance are acting as legal advisors to Prosafe in connection with the

restructuring.

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, 14 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