Prosafe SE & Prosafe Rigs Provides Update on Financial Restructuring

Source: www.gulfoilandgas.com 9/24/2021, Location: Europe

Reference is made to the earlier information provided about the ongoing financial process with the lenders, the latest in a press release dated 13 September 2021, where it was informed that the Singapore Court granted the original moratorium order to be extended until 31 January 2022.

In order to provide support to the restructuring process the Companies sought recognition of the original moratorium in Brazil and Scotland. The original moratorium has been recognized in Brazil (in respect of Prosafe SE) by decisions issued on 8 July 2021. A request for recognition of the extension in Brazil is currently being sought. A similar moratorium recognition application was made in Scotland, however, the application was rejected by the Outer House, Court of Session on 24. September 2021. This decision does not affect the moratorium and extension granted by the Singapore Court, which remains in full effect as a matter of Singapore law. As reported previously the moratorium and extension granted have extra territorial effect outside of Singapore. The Singapore scheme process and timetable remains unaffected. Prosafe currently has no rigs within the Scottish jurisdiction (within the range of 12 nautical miles).

Formal support from ca. 98.2% across the USD 1300 million facility and the USD 144 million facility on comprehensive and material restructuring of the financial indebtedness of the group (the Transaction") continues and Prosafe's objective remains to continue business as normal during the restructuring proceedings.

The Norwegian restructuring proceeding filed on 1 September to facilitate implementation of the Transaction continues as planned, and the Company expects to be able to complete the Transaction prior to 31 January 2022.


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