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 the press release published on 8 November 2021.

Prosafe SE is pleased to announce that the Norwegian restructuring plan approved by the requisite majority of creditors on 8 November 2021, was today sanctioned by Oslo District Court (Nw: Oslo tingrett).

This was an important milestone which will provide further certainty in the overall restructuring process and Prosafe SE wishes to thank all parties involved for their support of the restructuring plan and the Group during the restructuring process to date.

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 continues to anticipate that the financial restructuring will be effective before or around year end 2021.

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, 10 November 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