Prosafe SE

Legal Proceedings Report • Jun 18, 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 the lenders, in particular to the press release on 27 May

2021 in which we gave notice that the High Court of Singapore had granted a 5

month moratorium protection to Prosafe SE and Prosafe Rigs Pte. Ltd ("PRPL"), in

applications HC/OS 422/2021 and HC/OS 425/2021, in terms of Section 64 of the

Insolvency, Restructuring and Dissolution Act 2018 ("the moratorium

protection").

As at 18 June 2021, the Company has received acknowledgment of credit approval

(subject to certain conditions) in support of the Transaction from ca. 96%

across the USD 1300 million facility and the USD 144 million facility with

additional credit approvals expected by end-June 2021.

Following the grant of the moratorium protection, on 9 June 2021 petitions were

presented to the Court of Session in Scotland seeking recognition, in Scotland,

of the moratorium protection granted by the Singapore Court.

In the petitions (P439/21 and P440/21) the Court of Session has been asked inter

alia to:

* order that the orders of the General Division of the High Court of

Singapore, issued on 27 May 2021, in respect of Prosafe SE and PRPL under

the Insolvency, Restructuring and Dissolution Act 2018 of the Republic of

Singapore are recognised in Scotland;

* in respect of Prosafe SE, recognise the moratorium protection as 'foreign

non-main proceedings' in terms of Article 17(2)(b) of the Cross-Border

Insolvency Regulations 2006;

* in respect of PRPL, recognise the moratorium protection as 'foreign main

proceedings' in terms of Article 17(2)(a) of the Cross-Border Insolvency

Regulations 2006; and

* in respect of both Prosafe SE and PRPL, grant relief under Article

21(1)(a), (b) and (c) of Schedule 1 to the Cross-Border Insolvency

Regulations 2006, as if Prosafe SE and PRPL had been made the subject of a

winding-up order by the Court of Session under the Insolvency Act 1986.

Without the necessity of a hearing, on 14 June 2021, the Court of Session

ordered all parties claiming an interest in the petitions to lodge Answers, if

so advised, with the Court of Session, Parliament House, Parliament Square,

Edinburgh, EH1 1RQ, Scotland within 14 days of intimation, service and

advertisement. All of which now has been done.

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)

18 June 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