Prosafe Investor Presentation — February 2020

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Q4 2020 results and business updateDisclaimer

All statements in this presentation other than statements of historical fact are

forward-looking statements, which are subject to a number of risks, uncertainties,

and assumptions that are difficult to predict and are based upon assumptions as

to future events that may not prove accurate. Certain such forward-looking

statements can be identified by the use of forward-looking terminology such as

“believe”, “may”, “will”, “should”, “would be”, “expect” or “anticipate” or similar

expressions, or the negative thereof, or other variations thereof, or comparable

terminology, or by discussions of strategy, plans or intentions. Should one or more of these risks or uncertainties materialise, or should underlying

assumptions prove incorrect, actual results may vary materially from those

described in this presentation as anticipated, believed or expected. Prosafe does

not intend, and does not assume any obligation to update any industry

information or forward-looking statements set forth in this presentation to reflect

subsequent events or circumstances.

2Update on financial situation

Update onfinancial situation

The process with the lenders to agree a sustainable financial solution continues in a

constructive manner with a majority of lenders providing their support to the Company

and process while retaining their rights.

While the process is ongoing, the company will continue to defer making payments of scheduled instalments and interests under its USD 1,300 million and USD 144 million

facilities. Similarly, payment of the final instalment owed and due under the seller credit to

Cosco for the Safe Notos remains as reported on 14 April 2020 subject to ongoing

discussions with Cosco and lenders.

Prosafe aims to complete the refinancing process as soon as possible and will revert with

further information in due course. Although it is unclear what a final solution may look like,

it is anticipated that there will be a significant equitization of debt which is likely to result

in minimal or no recovery for current shareholders.

Pending outcome of the process, the company continues to operate on a business -as -

usual basis to protect and create value through challenging market conditions .

4Update on financial situation

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