Prosafe SE

Prosafe SE and subsidiary company Prosafe Rigs Pte. Ltd. - Update on Financial Restructuring

Reference is made to the earlier information provided about the ongoing

financial process with the lenders, including: (a) the press release dated 18

October 2021 in relation to the Singapore Court's approval of the Prosafe SE and

Prosafe Rigs Pte. Ltd. ("PRPL") Schemes on 18 October 2021 (the "Sanction

Orders"); and (b) the press release dated 13 September 2021 in relation to the

Singapore Court's granting of Prosafe SE and PRPL's applications to extend the

original moratorium orders up to 31 January 2022 by way of the Singapore Court's

orders dated 13 September 2021 (the "Moratorium Extension Orders").

Prosafe SE and PRPL wish to announce that by way of its orders dated 11 and 12

October 2021, the Corporate Court of Rio de Janeiro has recognized the

Moratorium Extension Orders in Brazil.

In the proceedings involving Prosafe SE, the Brazilian Court confirmed the

existing moratorium order and accepted Prosafe SE's request to extend the

moratorium period until 31 January 2022 - in accordance with the Moratorium

Extension Orders made by the Singapore Court on 13 September 2021.

In the proceedings involving PRPL, the Brazilian Court granted PRPL's motion for

clarification and recognized the original moratorium order (in respect of PRPL)

in Brazil. The Brazilian Court further granted PRPL's request to extend the

moratorium period until 31 January 2022 - also in accordance with the Moratorium

Extension Orders made by the Singapore Court on 13 September 2021.

Prosafe SE and PRPL further wish to announce that on 21 October 2021, the

Sanction Orders were lodged with the Accounting and Corporate Regulatory

Authority of Singapore, meaning that the Scheme Effective Date was achieved on

21 October 2021.

These are important milestones which will provide further certainty in the

overall restructuring process.

Prosafe SE and PRPL will make the appropriate announcements as and when there

are any further material developments on the completion of the overall

restructuring process. Please monitor Prosafe SE's website for any announcements

or update.

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 https://www.prosafe.com

Stavanger, 25 October 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 subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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