Prosafe SE and subsidiary company Prosafe Rigs Pte. Ltd. – Update on Financial Restructuring

Reference is made to the sooner info supplied concerning the ongoing monetary course of with the lenders, the most recent in a press launch dated 1 September 2021 in relation to instructions given by the Singapore Courtroom relating to purposes made by Prosafe SE and Prosafe Rigs Pte Ltd (“PRPL“) to increase the unique moratorium orders (granted by the Singapore Courtroom on 27 Might 2021) as much as 31 January 2022 or such different date because the Singapore Courtroom thinks slot in HC/SUM 3983/2021 and HC/SUM 3984/2021 (the “Moratorium Extension Functions“).

On the listening to for the Moratorium Extension Functions held in the present day, the Singapore Courtroom granted the Moratorium Extension Functions in full, as set out beneath:

1. Pursuant to Part 64 of the Insolvency, Restructuring and Dissolution Act 2018 (Act 40 of 2018) (“IRDA“):

   1. That the orders below Part 64(1) of the IRDA granted within the unique moratorium orders (and reproduced at paragraphs 1 to five beneath) be prolonged till 31 January 2022 or till additional orders are made:

      • no decision for the winding up of Prosafe SE/ PRPL shall be handed;

      • no appointment of a receiver or supervisor over any property or endeavor of Prosafe SE/ PRPL shall be made;

      • no proceedings (aside from proceedings below part 210 or 212 of the Firms Act, or sections 64, 66, 69 or 70 of the IRDA) whether or not earlier than a court docket, arbitral tribunal, administrative company or in any other case, and whether or not present, pending or threatened towards Prosafe SE/ PRPL shall be commenced or continued, besides with the depart of the Courtroom and topic to such phrases because the Courtroom imposes;

      • no execution, misery or different authorized course of shall be commenced, continued or levied towards any property of Prosafe SE/ PRPL, besides with the depart of the Courtroom and topic to such phrases because the Courtroom imposes;

      • no step shall be taken to implement any safety over any property of Prosafe SE/ PRPL, or to repossess any items held by Prosafe SE/ PRPL below any chattels leasing settlement, hire-purchase settlement, or retention of title settlement, besides with the depart of the Courtroom and topic to such phrases because the Courtroom imposes; and

      • no proper of re-entry or forfeiture below any lease in respect of any premises occupied by Prosafe SE/ PRPL shall be enforced (together with pursuant to Sections 18 or 18A of the Conveyancing and Regulation of Property Act (Cap. 61)), besides with the depart of the Courtroom and topic to such phrases because the Courtroom imposes;

   2. Prosafe SE/ PRPL be entitled to attend and make submissions on the listening to of any utility(s) for depart to the Courtroom to start, proceed, levy, or implement any of the proceedings, or to take any steps restrained by the order in paragraph 1(a) above;

2. The order at paragraph 1(a) shall apply to any act of any individual in Singapore, or throughout the jurisdiction of the Courtroom, whether or not the act takes place in Singapore or elsewhere;

3. An officer of Prosafe SE/ PRPL be designated because the Prosafe SE/ PRPL’s Overseas Consultant throughout the which means of Part 101(24) of the US Chapter Code (or any jurisdiction which adopts or incorporates the UNCITRAL Mannequin Regulation on Cross-Border Insolvency (“Mannequin Regulation“)) and be authorised to use for an acceptable order to effectuate the phrases of the appliance herein and such different further aid and/or help in the US of America or every other Mannequin Regulation jurisdiction as applicable;

4. Prosafe SE/ PRPL shall have liberty to use for such additional or different instructions as could also be needed; and

5. Prosafe SE/ PRPL shall undergo the Courtroom month-to-month administration accounts and a 13-week money movement forecast as ready by its monetary advisor and up to date on a fortnightly foundation, such paperwork to be submitted month-to-month. As well as, if Prosafe SE/ PRPL acquires or disposes of any property or grants safety over any property, Prosafe SE/ PRPL is to submit info regarding the acquisition, disposal or grant of safety to the Courtroom not later than 14 days after the date of the acquisition, disposal or grant of safety.

Prosafe SE and PRPL will make the suitable bulletins as and when there are any additional materials developments on the monetary course of and the issues above. Please monitor Prosafe SE’s web site for any bulletins or replace on the method.

Prosafe is a number one proprietor and operator of semi-submersible lodging vessels. The corporate is listed on the Oslo Inventory Alternate with ticker code PRS. For extra info, please discuss with www.prosafe.com

Story continues

Stavanger, 13 September 2021
Prosafe SE

For further information, please contact:

Jesper K. Andresen, CEO
Phone: +47 51 65 24 30 / +47 907 65 155

Stig Harry Christiansen, Deputy CEO and CFO
Phone: +47 51 64 25 17 / +47 478 07 813

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act