Prosafe SE

Capital/Financing Update • Jul 31, 2020

Prosafe SE: Update on financial situation and process with lenders

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, latest on 30 June 2020.

The forbearance arrangement previously reported has now expired. However, the

process and creditor 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.

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 (http://www.prosafe.com)

Stavanger, 31 July 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