Exercise of synthetic options by PROD employees

As stated in the interim financial report for Q3 2010, the company has on 25

October 2010 entered into termination agreements with Bjørn Henriksen (President

& CEO) Sven Børre Larsen (EVP & CFO), Roy Hallås (EVP & COO) and Claes W.Olsen

(EVP Business Development). As part of these termination agreements, the

following synthetic stock options have been exercised:

Bjørn Henriksen has exercised 363,000 options. Following this, Mr. Henriksen

holds no shares or options in the company.

Sven Børre Larsen has exercised 281,000 options. Following this, Mr. Larsen

holds no shares or options in the company.

Roy Hallås has exercised 281,000 options. Following this, Mr. Hallås holds no

shares or options in the company.

Claes W. Olsen has exercised 100,000 options. Following this, Mr. Olsen holds no

shares or options in the company.

As per the options agreements, the exercise price was NOK 17.50, equal to the

closing price on 25 October 2010, the date of exercise. The options were

exercised as a result of a change of control clause in the option agreements

being triggered by BW Offshore' take-over.

Furthermore, certain additional primary insiders have on 25 October 2010

exercised the following synthetic stock options, on the same terms as set out

above:

Helge Ystheim, President Prosafe Production Services Pte Ltd., has exercised

150,000 options. Following this, Mr. Ystheim holds 60,000 synthetic options with

strike NOK 36.52. He does not hold any shares.

Ketil Eik, SVP Treasury, has exercised 100,000 options. Following this, Mr. Eik

holds 60,000 synthetic options with strike NOK 36.52. He does not hold any

shares.

Per Darland, SVP Risk Management, has exercised 100,000 options. Following this,

Mr. Darland holds no shares, but retains 60,000 synthetic options with strike

NOK 36.52. He does not hold any shares.

Staale Andreassen, SVP Finance, has exercised 100,000 options. Following this,

Mr. Andreassen holds no shares or options in the company. He does not hold any

shares.

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

(Norwegian Securities Trading Act)

[HUG#1455212]

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