Prosafe Provides Update on Financial Restructuring

Source: 10/6/2021, 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 5 October 2021 in relation to the applications made by Prosafe SE and Prosafe Rigs Pte Ltd ("PRPL") for the Singapore Court to approve the Schemes agreed at the Scheme Meetings of the Scheme Creditors, in HC/OS 997/2021 and HC/OS 998/2021 (the "Sanction Applications").

The Singapore Court has today provided the following directions in relation to the Sanction Applications:
• By no later than 12pm (Singapore time) on Monday, 11 October 2021: Any person (including any creditor) who objects to either or both of the Sanction Applications shall file and serve an affidavit.
• By no later than 12pm (Singapore time) on Wednesday, 13 October 2021: Prosafe SE and PRPL shall file and serve their reply affidavit(s), if any.
• By no later than 12pm (Singapore time) on Friday, 15 October 2021: Any person (including Prosafe SE, PRPL and/or any creditor) shall file and serve their written submissions and bundles of authorities, if any. A hard copy of the same shall also be tendered to Court by the same deadline.
• By no later than 4pm (Singapore time) on Friday, 15 October 2021: The following are to be tendered to the Singapore Court: (a) an attendance list of all who wish to attend the hearing; and (b) a time bank setting out the allocation of time for oral submissions by each who wishes to address the Singapore Court at the hearing, taking into account that the entire hearing will take no more than 1.5 hours altogether.
• 3.30pm (Singapore time) on Monday, 18 October 2021: Sanction Applications to be heard before the Honourable Justice Pang Khang Chau.

Creditors who wish to attend the hearing for the Sanction Applications are requested to inform the solicitors of Prosafe SE and PRPL of their intention to do so, by emailing with their details before 4pm (Singapore) time on Thursday, 14 October 2021, indicating (a) whether they support or oppose the Sanction Applications and (b) the time they will require for oral submissions.

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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