Prosafe signs letter of intent to acquire Axis Nova and Axis Vega

Prosafe SE has entered into a letter of intent (“LOI”) with Axis Offshore Pte. Ltd. (“Axis”) for the potential acquisition of all outstanding shares in the two single purpose companies Axis Nova Singapore Pte. Ltd. (“Axis Nova SPV”) and Axis Vega Singapore Pte. Ltd. (“Axis Vega SPV”) (jointly the “New-Build Companies”), and 25% of the shares in Dan Swift Singapore Pte. Ltd. (the “Dan Swift Shares”). The agreed consideration for the acquisition will be USD 70 million (NOK 579.2 million) settled by Prosafe in kind, through the issuance of 585.8 million ordinary shares priced at NOK 0.30 per share, and a subordinated zero coupon convertible bond of NOK 403.4 million, convertible into 1,344.7 million shares at a conversion price of NOK 0.30 per share.