Delivery of Consideration Shares in the Offer

NOT FOR PUBLIC DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED

STATES OF AMERICA, SOUTH AFRICA, CANADA, AUSTRALIA OR JAPAN

11 October 2010 - Reference is made to the offer document dated 27 July 2010

from BW Offshore Limited ("BW Offshore") regarding the voluntary exchange offer

(the "Offer") for all of the issued and outstanding shares of Prosafe Production

Public Limited ("Prosafe Production") not owned, directly or indirectly, by BW

Offshore. Reference is further made to the information memorandum and

supplemental document dated 16 September 2010 and previous announcements issued

in connection with the Offer.

In line with the announcement on 8 October 2010, the delivery of the

216,684,280 consideration shares, in aggregate, in BW Offshore to the accepting

Prosafe Production shareholders' VPS accounts has been completed today. It is

expected that the cash consideration payable by BW Offshore under the Offer will

be provided to the accepting Prosafe Production shareholders' registered bank

accounts in the VPS on or about 12 October 2010.

For further information, please contact:

Carl K. Arnet, CEO, +65 9630 3290

Knut R. Sæthre, CFO, +47 9111 7876

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.

This announcement is not an offer for sale of any securities in the United

States. Securities may not be offered or sold in the United States absent

registration or an exemption from registration under the U.S. Securities Act. BW

Offshore has not registered and does not intend to register any portion of any

offering of shares in the United States or to conduct a public offering of any

securities in the United States.

[HUG#1450855]

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