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) a press release dated 13 October 2021 in relation to Prosafe SE's and Prosafe Rigs Pte Ltd's ("PRPL") applications for the Singapore Court to approve the Schemes agreed at the Scheme Meetings of the Scheme Creditors, in HC/OS 997/2021 and HC/OS 998/2021 (the "Sanction Applications"); and (b) a press release dated 14 October 2021 in relation to Westcon Yards AS' confirmation of their formal support of the Schemes.

At the hearing of the Sanction Applications on 18 October 2021, the Singapore Court sanctioned the Schemes and permitted the insertion of a new clause 8.4 in the Schemes (as mentioned in the press release dated 13 October 2021).

Prosafe SE and PRPL will proceed to lodge copies of the orders made by the Singapore Court with the Accounting and Corporate Regulatory Authority of Singapore.

Prosafe SE wishes to thank all parties involved for their support of the Schemes and the Group during the restructuring process to date.

The next important milestone involves the restructuring being approved as part of the Norwegian restructuring proceedings.

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, 18 October 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