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.

The process and creditor discussions continue. The discussions remain

constructive and lenders in general maintain their support for the company to

continue to operate on a going concern basis and seek a long-term financial

solution while reserving their rights.

The company is seeking a sustainable balance sheet, although it is too early to

say what a solution may look like and thus also indicate the financial and

accounting effects of the same. The target remains to agree a sustainable

solution during the second half of 2020. Pending conclusion of these

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 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 www.prosafe.com

(https://www.globenewswire.com/Tracker?data=xpM0wz4Qw_gPtIFl7W8h5kzVkwKrGu6KKoNg

xclP1hzJev7XGIUXqNOyLHoQZhJfraS512Lauwx6xOYdrBeimA==)

Stavanger, 1 October 2020

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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