Prosafe SE

Prosafe SE: Update on financial situation and process with lenders

Prosafe refers to the information on its financial status and process with

lenders that has been provided over time, last on 1(st) October 2020.

The company's creditor discussions continue, and the target remains to agree a

sustainable financial solution on a consensual and cost efficient basis as early

as possible. It is still unclear what a final solution may look like, but as

previously reported a significant equitization of debt is anticipated which in

turn is likely to result in minimal or no recovery for current shareholders.

Pending conclusion of the creditor discussions, the company continues to operate

on a business as usual basis to protect and create value through challenging

market conditions.

On this basis the company will continue to defer making payments of scheduled

instalments and interests under both bank facilities. Similarly, payment of the

final instalment owed and due under the seller credit to Cosco for the Safe

Notos remains as initially reported on 13 February 2020 subject to ongoing

discussions with Cosco and the lenders.

Further information will be provided in due course.

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 https://www.prosafe.com

Stavanger, 5 January 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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