Completion of Squeeze-Out Procedure

25 November 2010 - Reference is made to the announcements made by BW Offshore

Limited ("BW Offshore") on 12 and 22 November 2010, regarding the settlement of

the acquisition by BW Offshore of all the shares in the issued share capital of

Prosafe Production Public Limited ("Prosafe Production") not already owned,

directly or indirectly, by BW Offshore (the "Squeeze-Out").

In pursuance of Section 36(6) of the Cypriot Public Takeover Bids for the

Acquisition of Securities of Companies Law of 2007, Law 41(I)/2007 (the "Cypriot

Takover Act"), BW Offshore hereby announces that following the issue of the

decision by the Cyprus Securities and Exchange Commission ("CySEC") under

Section 36(5) of the Cypriot Takover Act dated 29 October 2010, 13,698,486

shares , being the remaining issued and outstanding shares in the capital of

Prosafe Production, not already owned directly or indirectly by BW Offshore

prior to the Squeeze-Out, have been transferred to BW Offshore, and BW Offshore

has paid and satisfied the required consideration for such shares. Accordingly,

the Squeeze-Out procedure commenced pursuant to an application filed on the 11

October 2010 to CySEC is now completed.

For further information, please contact:

Carl K. Arnet, CEO, +65 9630 3290

Knut R. Sæthre, CFO, +47 9111 7876

About BW Offshore:

BW Offshore is a leading global provider of floating production services to the

oil and gas industry. With the acquisition of Prosafe Production in 2010, the

company has become the world's second largest contractor with a fleet of 16

FPSOs and 3 FSOs represented in all major oil regions world-wide. BW Offshore

has an excellent track record on project execution and operations, as well as a

robust balance sheet and strong financial capabilities. In over 25 years of

production, BW Offshore has successfully executed more than 30 FPSO and FSO

projects. The company is listed on the Oslo Stock Exchange. Further information

is also available onwww.bwoffshore.com .

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1465550]

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