Prosafe SE

Prosafe SE: Update on discussions with lenders

On 5 November 2019, Prosafe informed that it had re-evaluated its outlook and

revised its forecasts resulting in a USD 341 million write down of assets and

consequently a marginalized book equity.

Prosafe further informed that although the company had sufficient liquidity

until early 2021, it would in light of the market outlook commence discussions

with its lenders with a view to ensure sufficient financial flexibility for the

longer term.

The discussions with its lenders are ongoing and constructive. Pending

conclusions, Prosafe has received consent to defer payments under the USD 288

million facility from 15 January until 13 February 2020. Other identified

defaults in the period have also been temporarily waived under both the USD

1,300 million and USD 288 million facilities. Both measures have been agreed in

order temporarily to align the timing of scheduled payments under both

facilities and to create stability while a long-term solution and runway is

being sought.

As part of this, the company's final payment of approx. USD 18.5 million owed

and due under the sellers credit to Cosco for the Safe Notos has not been made.

This payment is subject to certain contractual subordination and coordination

arrangements with the financial lenders, and discussions with Cosco on this

payment is ongoing.

As at the current time, the process with the creditors remains constructive and

although there can be no assurances with respect to the outcome of the ongoing

discussions, Prosafe remains hopeful that it will be able to agree a long-term

solution in the near term. 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, 14 January 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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