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, the latest in a press release dated 18 August 2021 in relation to the Notice of Scheme Meetings.

Please take notice that Prosafe SE and Prosafe Rigs Pte Ltd ("PRPL") have today filed separate applications under section 64(7) of the Singapore Insolvency, Restructuring and Dissolution Act 2018 to extend the moratorium orders granted by the Singapore Court on 27 May 2021 for moratorium protection to be extended up to 31 January 2022 or such other date as the Singapore Court thinks fit (the "Moratorium Extension Applications").

Creditors who wish to receive a copy of the papers filed in the Moratorium Extension Applications should contact Prosafe SE's and PRPL's Singapore solicitors at Prosafe.Queries@CliffordChance.com.

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

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

Stavanger, 25 August 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