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

Written by Customer Service on . Posted in Public Companies.

Reference is made to the earlier information provided about the ongoing financial process with the lenders, the latest in a press release dated 25 August 2021 in relation to the applications made by Prosafe SE and Prosafe Rigs Pte Ltd (“PRPL“) to extend the moratoria orders (granted by the Singapore Court on 27 May 2021) up to 31 January 2022 or such other date as the Singapore Court thinks fit in HC/SUM 3983/2021 and HC/SUM 3984/2021 (the “Moratorium Extension Applications“).

The Singapore Court has today provided the following directions in relation to the Moratorium Extension Applications as follows:

1. By no later than 4pm (Singapore time) on Friday, 3 September 2021

Any person (including any creditor) who objects to the Moratorium Extension Applications shall file an affidavit.

2. By no later than 4pm (Singapore time) on Tuesday, 7 September 2021

Prosafe SE and PRPL shall file their reply affidavit(s), if any.

3. By no later than 4pm (Singapore time) on Thursday, 9 September 2021

The following are to be tendered to the Singapore court: (a) submissions and bundles of authorities which are to be exchanged among the parties; (b) an attendance list of all who wish to attend the hearing, indicating whether the party attending is supporting or opposing the Moratorium Extension Applications; and (c) a time bank setting out the allocation of time for oral submissions by each who wishes to address the Singapore Court at the hearing, on the assumption that the hearing will take no more than 1 hour altogether.

4. 10am (Singapore time) on Monday, 13 September 2021

Moratorium Extension Applications to be heard before the Honourable Justice Pang Khang Chau.

5. All affidavits are to be served by email followed by service on e-Litigation.

Creditors who wish to attend the hearing for the Moratorium Extension Applications are requested to inform the solicitors of Prosafe SE and PRPL of their intention to do so, by emailing Prosafe.Queries@CliffordChance.com with their details before 4pm (Singapore) time on Wednesday, 8 September 2021, indicating (a) whether they support or oppose the Moratorium Extension 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.

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com

Stavanger, 1 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

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