Prosafe SE

Prosafe SE: Gulating Court of Appeal judgement in the case between Prosafe and Westcon regarding the TSV Safe Scandinavia conversion

Reference is made to press release dated 8 March 2018 in which Prosafe informed

that the Stavanger District Court issued its judgement in favour of Prosafe in

respect of the dispute between Westcon Yards AS (Westcon) and Prosafe relating

to the conversion of the Safe Scandinavia into a tender support vessel.

The Stavanger District Court decided in 2018 that Westcon must pay Prosafe NOK

344 million plus interest and NOK 10.6 million in legal costs. Westcon filed an

appeal, and Prosafe filed a counter appeal on 28 May 2018.

The Gulating Court of Appeal has today decided that Prosafe shall pay to Westcon

NOK 302,510,457 plus interest and legal costs, in total about NOK 465 million.

The judgement implies full payment to Westcon of the amount claimed.

Compared to the judgement in the first instance by the Stavanger District Court,

the result in the Gulating Court of Appeal is a complete reversal of the result.

A judgement from a Court of Appeal is usually final, as the possibilities of

further appeal are very limited.

"We take note of the extremely disappointing and surprising judgement from the

Gulating Court of Appeal. It is difficult to understand how two courts can reach

such complete opposite results" , says Jesper K. Andresen, CEO of Prosafe.

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, 15 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 Executive Support and Communication at Prosafe, on 15 April at 10:18

CEST.

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