Prosafe SE

Capital/Financing Update • Apr 1, 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 was provided in the Q4 2019 report published on 6 February 2020, as

well as previous update on lender discussions provided on 14 January 2020 and

13 February 2020.

The previously reported temporary payment deferrals and waivers of certain

identified defaults under the company's USD 1,300 million and USD 288 million

facilities have now expired. However, the company's discussions with its lenders

remain constructive and the efforts to create and agree a long-term solution and

runway continue. Pending conclusions of these discussions, Prosafe has today

agreed a forbearance from the non-payments and defaults from a majority of its

lenders across its two loan facilities. The forbearance has initially been

granted for a period until 15 April 2020, but can be extended by the lenders by

a by simplified process.

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 reported on 13 February subject to ongoing discussions with Cosco and

the lenders.

The forbearance shows support for the company to continue to operate, while

lenders reserve their rights, and secures stability for the company while it

continues to work with the lenders to agree on a long term financial solution.

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, 1 April 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