Prosafe SE

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 7 May

2021 in relation to the timelines given at the directions hearing held before

the Singapore court on the same date.

The Singapore Court has confirmed that the hearing of Prosafe SE's and Prosafe

Rigs Pte. Ltd.'s ("PRPL") applications in HC/OS 422/2021 and HC/OS 425/2021 for

moratorium protection in Singapore (the "Moratorium Applications Hearing") will

be held on Thursday, 27 May 2021 at 10am Singapore time.

Creditors who wish to attend the Moratorium Applications Hearing (either in

person or through their solicitors) should inform the solicitors of Prosafe SE

and Prosafe Rigs Pte. Ltd. of their intention to do so, by emailing

(mailto:[email protected]) with their details before 4pm

Singapore time on Monday, 24 May 2021. Any creditor who is intending to attend

through its corporate representative (i.e. without instructing solicitors) must

also provide a copy of the letter of authorisation by the creditor company

authorising the corporate representative to attend the Moratorium Applications

Hearing and represent the creditor company.

Further, all creditors of Prosafe SE and PRPL (regardless of whether they intend

to attend the Moratorium Applications Hearing) are requested to write in via

email before 4pm Singapore time on Monday, 24 May 2021 to state whether they

support or oppose the respective entity's application for moratorium protection

in Singapore (Prosafe SE under HC/OS 422/2021, and PRPL under HC/OS 425/2021).

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)

12 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

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