Prosafe SE

Prosafe SE: Update on Financial Process with Lenders

Reference is made to earlier information about the ongoing financial process

with lenders, latest in a press release from 25th March 2021.

Prosafe confirms that the company and its lenders are making good progress and

are close to reaching agreement on terms which have the support of a very

significant majority of its lenders. Although it is too early to conclude or

reveal the full details of the solution, it is expected to include a significant

balance sheet recapitalization involving an equitization of debt.

As part of the on-going process, Prosafe SE and Prosafe Rigs Pte. Ltd. have

today filed for moratorium in Singapore with the support of more than 95% of the

lenders calculated by amount across the USD 1,300 million senior secured term

and revolving credit facility and the USD 144 million term loan facility. The

moratorium will facilitate protection of going concern value pending

finalization of term sheet negotiations with its major creditors and,

thereafter, implementation of the agreed solution. Prosafe's objective is to

continue business as normal during this final phase of discussions and the

implementation process. To the extent that a fully consensual solution is not

achievable, the intention is to implement a solution using a Singapore Scheme of

Arrangement combined with other arrangements, to the extent required.

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, 30 April 2021

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 considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Karine Cosemans, Senior

Manager Exec. Support & Communication on 30 April at 12:58 CET.

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