Update on financial situation and process with lenders
Prosafe refers to the information on its financial status and process with lenders that was provided in the Q4 2019 report published on 6 February 2020, as well as previous updates on lender discussions provided on 14 January 2020, 13 February 2020 and 1 April 2020.
The previously agreed and reported forbearance from the non-payments and defaults from a majority of its lenders across its USD 1,300 million and USD 288 million facilities expires on 15 April. However, the company’s discussions with its lenders remain constructive and the efforts to create and agree a long-term financial solution continue. Pending conclusions of these discussions, Prosafe has agreed an extension to the forbearance from the non-payments and defaults with a majority of its lenders across its USD 1,300 million and USD 288 million facilities until 31 May 2020.
As part of this, the company will continue to defer making payments of scheduled instalments and interests under both facilities. Similarly, payment of the final instalment owed and due under the seller credit to Cosco for the Safe Notos remains as reported on 13 February subject to ongoing discussions with Cosco and the lenders.
The forbearance shows support for the company to continue to operate, while lenders reserve their rights, and secures stability for the company while it continues to work with the lenders to agree on a long term financial solution. Pending this, the company continues to operate on a business as usual basis to protect and create value through challenging market conditions.
Further information will be provided in due course.
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
Stavanger, 14 April 2020
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