Prosafe SE — M&A Activity 2010

Sep 27, 2010

PROD - Mandatory Notification - Acceptance of Offer

Reference is made to the voluntary offer for all outstanding shares of Prosafe

Production Public Limited ("Prosafe Production") made by BW Offshore Limited

("BWO") on 27 August 2010 (the "Offer"), and as amended in an announcement by

BWO on 16 September 2010 whereby the consideration under the Offer was increased

to 1.2 BWO share and NOK 3, per share of Prosafe Production.

The following primary insiders of Prosafe Production have on 24 September 2010

accepted the Offer for shares held by them (directly or indirectly):

Ronny Johan Langeland, Chairman of the Board of Directors, has accepted the

Offer for 10,000 shares. Following and subject to completion of the Offer, Mr.

Langeland will not hold any shares in Prosafe Production.

Arne Austreid, Member of the Board of Directors, has accepted the Offer for

93,500 shares. Following and subject to completion of the Offer, Mr. Austreid

will not hold any shares in Prosafe Production.

Bjørn Henriksen, President and CEO, has accepted the Offer for 306,000 shares.

Following and subject to completion of the Offer, Mr. Henriksen will not hold

any shares in Prosafe Production. His holding of 363,000 synthetic options with

strike NOK 12.09 and 1,000,000 with strike NOK 36.52 remains unchanged.

Roy Hallås, Executive Vice President and COO, has accepted the Offer for

155,930 shares. Following and subject to completion of the Offer, Mr. Hallås

will not hold any shares in Prosafe Production. His holding of 281,000 synthetic

options with strike NOK 12.09 and 930,000 with strike NOK 36.52 remains

unchanged.

Sven Børre Larsen, Executive Vice President and CFO, has accepted the Offer for

39,000 shares. Following and subject to completion of the Offer, Mr. Larsen will

not hold any shares in Prosafe Production. His holding of 281,000 synthetic

options with strike NOK 12.09 and 300,000 with strike NOK 36.52 remains

unchanged.

Ståle Andreassen, SVP Finance, has accepted the Offer for 15,000 shares.

Following and subject to completion of the Offer, Mr. Andreassen will not hold

any shares in Prosafe Production. His holding of 100,000 synthetic options with

strike NOK 12.09 remains unchanged.

Per Darland, SVP Risk Management has accepted the Offer for 14,000 shares.

Following and subject to completion of the Offer, Mr. Darland will not hold any

shares in Prosafe Production. His holding of 100,000 synthetic options with

strike NOK 12.09 and 60,000 with strike NOK 36.52 remains unchanged.

Helge Ystheim, President Prosafe Production Services Pte Ltd. has accepted the

Offer for 60,000 shares. Following and subject to completion of the Offer, Mr.

Ystheim will not hold any shares in Prosafe Production. His holding of 150,000

synthetic options with strike NOK 12.09 and 60,000 with strike NOK 36.52 remains

unchanged.

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

(Norwegian Securities Trading Act)

[HUG#1446914]