Prosafe SE — M&A Activity 2010

Sep 10, 2010

PROD - Update on process of evaluating strategic and financial alternatives

Reference is made to the offer by BW Offshore for all outstanding shares

in Prosafe Production Public Ltd. ("the Company"). Following the two-day

extension announced on 8 September, the offer will expire today at CET

1730 hours. The Board has, in its statement dated 16 August, 2010

advised shareholders not to accept the current offer, as the Board is of the

opinion that it does not reflect the fair value of the company.

The Board of Directors continues to evaluate the Company's strategic

and financial options in order to maximize value for all shareholders.

This includes discussions with other possible buyers of the Company.

Limassol, 10 September 2010

The Board of Directors

Prosafe Production Public Ltd.

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

(Norwegian Securities Trading Act)

[HUG#1443757]