Prosafe SE: Prosafe SE and subsidiary company Prosafe Rigs Pte. Ltd. – Update on Financial Process

·2 min read

Reference is made to the earlier information provided about the ongoing financial process with the lenders, the latest in a press release dated 7 May 2021 in relation to the timelines given at the directions hearing held before the Singapore court on the same date.

The Singapore Court has confirmed that the hearing of Prosafe SE's and Prosafe Rigs Pte. Ltd.'s ("PRPL") applications in HC/OS 422/2021 and HC/OS 425/2021 for moratorium protection in Singapore (the "Moratorium Applications Hearing") will be held on Thursday, 27 May 2021 at 10am Singapore time.

Creditors who wish to attend the Moratorium Applications Hearing (either in person or through their solicitors) should inform the solicitors of Prosafe SE and Prosafe Rigs Pte. Ltd. of their intention to do so, by emailing Prosafe.Queries@CliffordChance.com with their details before 4pm Singapore time on Monday, 24 May 2021. Any creditor who is intending to attend through its corporate representative (i.e. without instructing solicitors) must also provide a copy of the letter of authorisation by the creditor company authorising the corporate representative to attend the Moratorium Applications Hearing and represent the creditor company.

Further, all creditors of Prosafe SE and PRPL (regardless of whether they intend to attend the Moratorium Applications Hearing) are requested to write in via email before 4pm Singapore time on Monday, 24 May 2021 to state whether they support or oppose the respective entity's application for moratorium protection in Singapore (Prosafe SE under HC/OS 422/2021, and PRPL under HC/OS 425/2021).

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

12 May 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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