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2021-09-01

Prosafe SE: Update on Financial Restructuring and supplementary dual-track restructuring process

Reference is made to earlier information provided regarding Prosafe SE and its subsidiary company Prosafe Rigs Pte. Ltd's ("Prosafe" or the Company") ongoing financial process with its lenders, latest on 25 August 2021.

Prosafe is pleased to announce that it has now received formal support from ca 98.2% across the USD 1300 million facility and the USD 144 million facility on a comprehensive and material restructuring of the financial indebtedness of the group (the "Transaction").

In accordance with the press release on 14 July 2021, where it was informed that additional implementation steps to the Singapore Schemes of Arrangement initiated by Prosafe SE and Prosafe Rigs Pte. Ltd. will be progressed in other relevant jurisdictions in due course, Prosafe SE has today filed for Norwegian restructuring proceeding (Nw: rekonstruksjon) pursuant to the Norwegian Temporary Act on Restructuring to facilitate implementation of the Transaction. The Company expects to be able to complete the Transaction prior to 31 January 2022 similar to date requested for extension of the moratorium orders granted by the Singapore Court as informed in the Company's press release on 25 August 2021. Prosafe's objective remains to continue business as normal during the restructuring proceedings.

Prosafe SE and Prosafe Rigs Pte. Ltd. will make the appropriate announcements as and when there are any further material developments on the financial process and above matters. Please monitor Prosafe SE's website for any announcements or updates on the process.

Moelis & Company are acting as financial advisors, and Schjødt and Clifford Chance are acting as legal advisors to Prosafe in connection with the restructuring.

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, 1 September 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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