Update on financial situation and process with lenders
Prosafe refers to the information on its financial status and process with lenders that has been provided over time, latest on 30 June 2020.
The forbearance arrangement previously reported has now expired. However, the process and creditor discussions remain constructive and lenders in general maintain their support for the company to continue to operate on a going concern basis and seek a long-term financial solution while reserving their rights. Pending conclusion of these discussions, the company continues to operate on a business as usual basis to protect and create value through challenging market conditions.
On this basis the company will continue to defer making payments of scheduled instalments and interests under both bank facilities. Similarly, payment of the final instalment owed and due under the seller credit to Cosco for the Safe Notos remains as initially reported on 13 February subject to ongoing discussions with Cosco and the lenders.
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, 31 July 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