Prosafe Provides Update on Financial Restructuring

Source: www.gulfoilandgas.com 10/25/2021, Location: Europe

Reference is made to the earlier information provided about the ongoing financial process with the lenders, including: (a) the press release dated 18 October 2021 in relation to the Singapore Court's approval of the Prosafe SE and Prosafe Rigs Pte. Ltd. ("PRPL") Schemes on 18 October 2021 (the "Sanction Orders"); and (b) the press release dated 13 September 2021 in relation to the Singapore Court's granting of Prosafe SE and PRPL's applications to extend the original moratorium orders up to 31 January 2022 by way of the Singapore Court's orders dated 13 September 2021 (the "Moratorium Extension Orders").

Prosafe SE and PRPL wish to announce that by way of its orders dated 11 and 12 October 2021, the Corporate Court of Rio de Janeiro has recognized the Moratorium Extension Orders in Brazil.

In the proceedings involving Prosafe SE, the Brazilian Court confirmed the existing moratorium order and accepted Prosafe SE's request to extend the moratorium period until 31 January 2022 in accordance with the Moratorium Extension Orders made by the Singapore Court on 13 September 2021.

In the proceedings involving PRPL, the Brazilian Court granted PRPL's motion for clarification and recognized the original moratorium order (in respect of PRPL) in Brazil. The Brazilian Court further granted PRPL's request to extend the moratorium period until 31 January 2022 also in accordance with the Moratorium Extension Orders made by the Singapore Court on 13 September 2021.

Prosafe SE and PRPL further wish to announce that on 21 October 2021, the Sanction Orders were lodged with the Accounting and Corporate Regulatory Authority of Singapore, meaning that the Scheme Effective Date was achieved on 21 October 2021.

These are important milestones which will provide further certainty in the overall restructuring process.

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


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