Prosafe Announces Outcome of Scheme Meetings

Source: www.gulfoilandgas.com 9/28/2021, Location: Europe

Reference is made to the earlier information provided about the ongoing financial process with the lenders, in particular the press releases dated 18 August 2021 and 28 September 2021 in relation to the Scheme Meetings to be held pursuant to Section 210(1) of the Singapore Companies Act, for the purpose of considering and, if thought fit, approving (with or without modifications) the Schemes proposed to be made between Prosafe SE, Prosafe Rigs Pte. Ltd. ("PRPL") and their respective Scheme Creditors.

The Scheme Meetings were held on 28 September 2021 on the Microsoft Teams platform:
- at 4:00pm Singapore time for Secured Creditors of Prosafe SE;
- at 4:30pm Singapore time for Unsecured Creditors of Prosafe SE;
- at 5:00pm Singapore time for Secured Creditors of PRPL; and
- at 5:30pm Singapore time for Unsecured Creditors of PRPL.

Prosafe SE and PRPL wish to announce that the Schemes have been approved by the requisite majority in number representing three-fourths in value of each class of Scheme Creditors casting their votes through proxy and voting forms completed and submitted by Scheme Creditors present and voting at the Scheme Meetings held on 28 September 2021. The Schemes obtained the approval of 100% in number and 100% in value from Scheme Creditors present and voting at the Scheme Meetings of each class of Scheme Creditors.

Prosafe SE and PRPL will be making applications to the Singapore Court for sanction of the Schemes, and will provide further updates once the hearing timelines have been fixed.

Prosafe SE and PRPL wish to thank all parties involved for their support of the Schemes and the Group during the restructuring process.

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


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