Prosafe SE

M&A Activity • Nov 25, 2010

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 on www.bwoffshore.com .

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act)