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

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

Reference is made to the earlier information provided about the ongoing financial process with lenders, the latest in a press release dated 3 May 2021 in relation to a directions hearing to be held before the Singapore Court on Friday, 7 May 2021 at 3pm (Singapore time) (the “Directions Hearing“).

At the Directions Hearing, the Singapore Court gave directions for the timelines leading up to 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“) as follows:

No.Date/ TimeAction Item
 1.By no later than 4pm (Singapore time) on 14 May 2021  All creditors of Prosafe SE and PRPL are to electronically file and serve their affidavits, if any
 2.By no later than 4pm (Singapore time) on 19 May 2021  Prosafe SE and PRPL are to electronically file and serve their reply affidavit(s)
 3.By no later than 4pm (Singapore time) on 24 May 2021All parties are to electronically file and serve their written submissions/ bundle of authorities, if any. Hard copies are to be tendered to the Singapore Court by the same time. Prosafe SE and PRPL are to file joint written submissions limited to 40 pages. Creditors are to file written submissions limited to 30 pages  
 4.By no later than 12pm (Singapore time) on 25 May 2021Prosafe SE and PRPL to provide the Singapore Court with, among other things, (a) a list of creditors/ their counsel who intend to attend the Moratorium Applications Hearing (indicating whether those creditors support or oppose the moratorium applications) and (b) if a corporate representative of a creditor intends to attend the Moratorium Applications Hearing (i.e. a creditor without legal representation), a copy of a letter of authorization of that corporate representative from the creditor company  
 5.27 May 2021The likely Moratorium Applications Hearing date (subject to further confirmation from the Singapore Court)  

Prosafe SE and Prosafe Rigs Pte. Ltd. will make the appropriate announcements as and when there are any further material developments on the financial process and the matters above, including when the Singapore Court confirms the Moratorium Applications Hearing date.

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

7 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