Prosafe SE & Subsidiary Company Update the Financial Process

Source: www.gulfoilandgas.com 7/14/2021, Location: Europe

Reference is made to earlier information provided regarding Prosafe SE and subsidiary company Prosafe Rigs Pte. Ltd's ("Prosafe" or the Company") ongoing financial process with its lenders, latest on 18th June 2021.

As informed earlier, although Prosafe has received formal support from 94.5% of its secured lenders for the agreed financial solution, to enable the orderly implementation of the agreed restructuring solution, the Company together with its subsidiary Prosafe Rigs Pte Ltd have each today made an application to the High Court of the Republic of Singapore pursuant to section 210(1) of the Singapore Companies Act to seek permission to convene meetings of its creditors to vote on proposed schemes of arrangement (the "Singapore Scheme Applications"). The Singapore Scheme Applications are further supported by applications on foot for recognition of the existing Singapore Moratorium in other relevant jurisdictions. It is anticipated that implementation steps will be progressed in other relevant jurisdictions in due course.

The Company expects to be able to complete the overall restructuring transaction prior to 30 September 2021, which is the agreed long stop date with its secured lenders and corresponds to the current duration of the Singapore Moratorium as announced earlier.

The Company will make the appropriate announcements as and when there are further material developments on the financial process and the matters above. Please monitor Prosafe SE's website for any announcements or updates on the process.

Moelis & Company are acting as financial advisors, and Schjødt and Clifford Chance are acting as legal advisors to Prosafe in connection with the restructuring.


France >>  7/4/2022 - Under the liquidity contract signed between Etablissements Maurel & Prom and Natixis ODDO BHF, the following assets were booked to the liquidity accou...
Luxembourg >>  7/4/2022 - Subsea 7 S.A. announced transactions made in accordance with its share repurchase programme during the week commencing 27 June 2022.

Date ...


Malaysia >>  7/4/2022 - Rex International Holding Limited wishes to announce that its wholly owned subsidiary Pantai Rhu Energy Sdn Bhd (“PRE”) has engaged the Carlingford di...
Netherlands/Holland >>  7/4/2022 - Royal Philips has completed the cancellation of 8,758,455 of its shares. The cancelled shares were acquired as part of the EUR 1.5 billion share repur...

Norway >>  7/4/2022 - TECO 2030 ASA leads a consortium with partners Umoe Mandal and BLOM Maritime to develop a hydrogen powered high-speed vessel with zero emissions. The ...
Norway >>  7/4/2022 - Please see below information about transactions made under the share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR).

Date on whi...





Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.