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 and lastly in the Q1 2020 report

published on 26 May 2020.

The company has gained support to an extension to the previously reported

forbearance arrangement with a majority of its lenders across its USD 1,300

million and USD 288 million facilities from end May 2020 till end June 2020.

As part of this, the company will continue to defer making payments of scheduled

instalments and interests under both 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.

The company's discussions with its lenders remain constructive. The forbearance

arrangement shows support for the company and creates stability to work with

lenders to agree a long term financial solution, while lenders reserve their

rights. Pending this, the company continues to operate on a business as usual

basis to protect and create value through challenging market conditions.

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, 2 June 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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