FSO Endeavor has resumed operations

FSO Endeavor on 24 January commenced the 12-month contract extension on the PY-3

field in India after undergoing repair work paid by the client Aban Offshore.

The vessel has been off hire since the original contract expired in July last

year. The gross value of the extension is approximately USD 7 million.

About Prosafe Production

Prosafe Production is a leading owner and operator of Floating Production,

Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years of

operational experience from several of the world's largest oil and gas

provinces. The company has a good operational uptime track record and possesses

a range of proprietary FPSO-related technologies. Prosafe Production operates

globally and employs approximately 1,000 employees from more than 40 countries.

Headquartered in Limassol, Cyprus, Prosafe Production is listed on the Oslo

Stock Exchange with ticker code PROD. Please refer to www.prosafeproduction.com

for more details.

Contacts:

Bjørn E. Henriksen, President and CEO, Prosafe Production, +31 610532543

Sven Børre Larsen, EVP & CFO, Prosafe Production, +65 9657 2590

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

(Norwegian Securities Trading Act)

[HUG#1377484]

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