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, last on 1st October 2020.
The company’s creditor discussions continue, and the target remains to agree a sustainable financial solution on a consensual and cost efficient basis as early as possible. It is still unclear what a final solution may look like, but as previously reported a significant equitization of debt is anticipated which in turn is likely to result in minimal or no recovery for current shareholders.
Pending conclusion of the creditor 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 2020 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 https://www.prosafe.com
Stavanger, 5 January 2021
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