Prosafe Provides Update on Financial Situation and Process with Lenders

Source: www.gulfoilandgas.com 6/2/2020, Location: Europe

Prosafe refers to the information on its financial status and process with lenders that has been provided over time and lastly in the Q1 2020 report published on 26 May 2020. The company has gained support to an extension to the previously reported forbearance arrangement with a majority of its lenders across its USD 1,300 million and USD 288 million facilities from end May 2020 till end June 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 initially reported on 13 February subject to ongoing discussions with Cosco and the lenders.

The company's discussions with its lenders remain constructive. The forbearance arrangement shows support for the company and creates stability to work with lenders to agree a long term financial solution, while lenders reserve their rights. Pending this, the company continues to operate on a business as usual basis to protect and create value through challenging market conditions.


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