Prosafe refers to information about its financial situation and process with lenders that has been provided over time, latest on 1st October 2020.
Discussions with the company’s creditors are continuing and the objective remains to agree on a lasting financial solution on a consensual and profitable basis as soon as possible. It’s still unclear what a final solution might look like, but as previously stated, significant debt ownership is expected, which will likely result in minimal or no recovery for current shareholders.
Pending the conclusion of discussions with creditors, the company continues to operate as usual to protect and create value in difficult market conditions.
On this basis, the Company will continue to defer payment of scheduled installments and interest under both bank facilities. Similarly, payment of the final installment due and payable under the seller credit to Cosco for the Safe Notos remains as originally announced on February 13, 2020 subject to ongoing discussions with Cosco and the lenders.
Further information will be provided in due course.
Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange under the code PRS. For more information, please see https://www.prosafe.com
Stavanger, January 5, 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 the disclosure requirements in accordance with section 5-12 of the Norwegian Securities Act.