Prosafe SE and its subsidiary Prosafe Rigs Pte. Ltd. –
Reference is made to previous information provided on the ongoing financial process with lenders, in particular to the May 27, 2021 press release in which we notified that the Singapore High Court had granted 5-month moratorium protection to Prosafe SE and Prosafe. Rigs Supt. Ltd (“PRPL“), in applications HC / OS 422/2021 and HC / OS 425/2021, under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 (“protection of the moratorium“).
As of June 18, 2021, the Company has received an acknowledgment of credit approval (under certain conditions) in support of the Transaction of ca. 96% on the $ 1300 million facility and $ 144 million facility with additional credit approvals expected by end of June 2021.
Following the grant of the moratorium protection, on June 9, 2021, motions were presented to the Court of Session in Scotland asking for recognition in Scotland of the moratorium protection granted by the Court of Singapore.
In applications (P439 / 21 and P440 / 21), the Court of Session was invited, inter alia, to:
- order that the orders of the General Division of the High Court of Singapore, made on May 27, 2021, in respect of Prosafe SE and PRPL under the Insolvency, Restructuring and Dissolution Act 2018 of the Republic of Singapore be recognized in Scotland ;
- as regards Prosafe SE, recognize the protection of the moratorium as a “foreign non-main proceeding” within the meaning of Article 17 (2) (b) of the Cross-Border Insolvency Regulation 2006;
- as regards PRPL, recognize the protection of the moratorium as “foreign main proceedings” within the meaning of Article 17 (2) (a) of the Cross-border Insolvency Regulation 2006; and
- with respect to both Prosafe SE and PRPL, grant an exemption under section 21 (1) (a), (b) and (c) of Schedule 1 of the Cross-Border Insolvency Regulations 2006 , as if Prosafe SE and PRPL had been named as the subject of a winding-up order issued by the Court of Session under the Insolvency Act 1986.
Without the need for a hearing, on June 14, 2021, the Court of Session ordered all parties claiming an interest in the motions to file responses, if indicated to them, with the Court of Session, Parliament House, Parliament Square, Edinburgh, EH1 1RQ, Scotland within 14 days of notification, service and advertisement. All of this is now done.
Prosafe SE and PRPL will make the appropriate announcements as soon as there are significant new developments on the financial process and the above matters. Please monitor the Prosafe SE website for any announcements or updates 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 the ticker code PRS. For more information, please refer to www.prosafe.com
June 18, 2021
For more information, please contact:
Jesper K. Andresen, CEO
Telephone: +47 51 65 24 30 / +47 907 65 155
Stig Harry Christiansen, Deputy Managing Director and Chief Financial Officer
Telephone: +47 51 64 25 17 / +47 478 07 813
This information is subject to disclosure requirements in accordance with Section 5-12 of the Norwegian Securities Law.