Prosafe SE

Legal Proceedings Report • May 7, 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 lenders, the latest in a press release dated 3 May 2021

in relation to a directions hearing to be held before the Singapore Court on

Friday, 7 May 2021 at 3pm (Singapore time) (the "Directions Hearing").

At the Directions Hearing, the Singapore Court gave directions for the timelines

leading up to 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") as follows:

+-----+---------------------------------+--------------------------------------+

|No. |Date/ Time |Action Item |

+-----+---------------------------------+--------------------------------------+

| 1.  |By no later than 4pm (Singapore |All creditors of Prosafe SE and PRPL |

| |time) on 14 May 2021 |are to electronically file and serve |

| |  |their affidavits, if any |

+-----+---------------------------------+--------------------------------------+

| 1.  |By no later than 4pm (Singapore |Prosafe SE and PRPL are to |

| |time) on 19 May 2021 |electronically file and serve their |

| |  |reply affidavit(s) |

+-----+---------------------------------+--------------------------------------+

| 1.  |By no later than 4pm (Singapore |All parties are to electronically file|

| |time) on 24 May 2021 |and serve their written submissions/ |

| | |bundle of authorities, if any. Hard |

| | |copies are to be tendered to the |

| | |Singapore Court by the same time. |

| | |Prosafe SE and PRPL are to file joint |

| | |written submissions limited to 40 |

| | |pages. Creditors are to file written |

| | |submissions limited to 30 pages |

| | |  |

+-----+---------------------------------+--------------------------------------+

| 1.  |By no later than 12pm (Singapore |Prosafe SE and PRPL to provide the |

| |time) on 25 May 2021 |Singapore Court with, among other |

| | |things, (a) a list of creditors/ their|

| | |counsel who intend to attend the |

| | |Moratorium Applications Hearing |

| | |(indicating whether those creditors |

| | |support or oppose the moratorium |

| | |applications) and (b) if a corporate |

| | |representative of a creditor intends |

| | |to attend the Moratorium Applications |

| | |Hearing (i.e. a creditor without legal|

| | |representation), a copy of a letter of|

| | |authorization of that corporate |

| | |representative from the creditor |

| | |company |

| | |  |

+-----+---------------------------------+--------------------------------------+

| 1.  |27 May 2021 |The likely Moratorium Applications |

| | |Hearing date (subject to further |

| | |confirmation from the Singapore Court)|

| | |  |

+-----+---------------------------------+--------------------------------------+

Prosafe SE and Prosafe Rigs Pte. Ltd. will make the appropriate announcements as

and when there are any further material developments on the financial process

and the matters above, including when the Singapore Court confirms the

Moratorium Applications Hearing date.

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)

7 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