Prosafe SE

Legal Proceedings Report • May 27, 2021

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

Prosafe SE: 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, the latest in a press release dated 21 May

2021 in relation to  the fixing of the hearing for Prosafe SE's and Prosafe Rigs

Pte. Ltd.'s ("PRPL") applications for moratorium protection in Singapore (the

"Moratorium Applications Hearing") before the Singapore Court on Thursday, 27

May 2021 at 10am Singapore time.

At the Moratorium Applications Hearing held today, the Singapore Court granted

Prosafe SE's and PRPL's applications in HC/OS 422/2021 and HC/OS 425/2021 for

moratorium protection in Singapore  which 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.

The following orders were made in respect of each application:

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

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

a) For a period of five (5) months from the date of the Application (i.e. 30

April 2021) or for such further period as the Court thinks fit or until further

orders are made:

* no resolution for the winding up of the Applicant shall be passed;

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

the Applicant 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 the Applicant 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 the Applicant, 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 the

Applicant, or to repossess any goods held by the Applicant 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 the Applicant 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) The Applicant 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 the company be designated as the Applicant'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. The Applicant shall have liberty to apply for such further or other

directions as may be necessary? and

5. The Applicant 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 the

Applicant acquires or disposes of any property or grants security over any

property, the Applicant 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)

27 May 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