Prosafe Provides Update on Financial Restructuring

Source: www.gulfoilandgas.com 10/18/2021, Location: Europe

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.


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