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

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 press release dated 6 October 2021 in relation to timelines given by the Singapore Court in relation to the Sanction Applications filed by Prosafe SE and Prosafe Rigs Pte Ltd (“PRPL”) in HC/OS 997/2021 and HC/OS 998/2021.

Please take notice that Prosafe SE and PRPL have today filed separate applications for the Singapore Court for leave to amend the originating summons filed in the original Sanction Applications to include an additional prayer for the insertion of a new clause 8.4 in the Schemes (the “Amendment Applications”). The new clause 8.4 in the Schemes clarifies that Prosafe SE, in cooperation with the scheme manager and Norwegian reconstructor, may have an additional avenue to distribute the new shares under the Scheme to the relevant Scheme creditors without such creditors having to otherwise complete a subscription agreement or provide a set-off confirmation, as would typically be required under Norwegian law. Prosafe SE and PRPL are advised that this clarification is mechanical and necessary for the implementation of the Schemes and the parallel Norwegian Reconstruction Proceeding.

Creditors who wish to receive a copy of the papers filed in the Amendment Applications should contact Prosafe SE’s and PRPL’s Singapore solicitors at  

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

Stavanger, 13 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

The use of our cookies

We use cookies and tracking technologies to make this website work and to help us understand how the site is used. With your agreement, we would also like to enable third party cookies to help us understand the effectiveness of our online marketing. You can use this tool to control how these cookies are used.

For more information visit our Cookies & Privacy page

Strictly Necessary Cookies

Necessary cookies enable core functionality such as page navigation and access to secure areas. The website cannot function properly without these cookies. You disable these by changing your browser preferences, but the website will not function properly.

We use cookies when you visit our site. These help us to give you the best experience on our website, analyse traffic and enable social media features. You can manage the cookies set on your device by clicking “Settings”. By clicking “Accept all”, you agree to the use of cookies unless you have disabled them. You can find out more information about cookies and about how we process personal data in our Cookies & Privacy page.

Accept All Settings