Prosafe appeals the Westcon judgement to the Supreme Court

Reference is made to press release dated 15 April 2021 in which Prosafe informed that the Gulating Court of Appeal had decided that Prosafe had to pay Westcon the full amount claimed by Westcon.

The Gulating Court of Appeal decided that Prosafe had to pay Westcon NOK 302,510,457 plus interest and legal costs, in total about NOK 465 million related to the conversion of the Safe Scandinavia at Westcon yard. This was a complete reversal of the result in the first instance by the Stavanger District Court, where Westcon was sentenced to pay Prosafe NOK 344 million plus interest and NOK 10.6 million in legal costs.

Prosafe has decided to address the shortcomings of the judgement by the Gulating Court of Appeal through an appeal to the Supreme Court.

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, 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