PROD - Prosafe Production Public Limited to evaluate strategic alternatives

The board of directors (the "Board") of Prosafe Production Public Limited

(the "Company") has been notified that BW Offshore Limited intends to

put forward a voluntary offer for all outstanding shares of the Company.

In response to the intended offer, the Board has appointed Pareto

Securities AS ("Pareto") and First Securities ASA ("First") as its financial

advisors (the "Advisors"). With assistance from its Advisors, the Board

will evaluate the Company's strategic and financial options in order to

maximize value for all shareholders of the Company.

Contacts:

Bjørn Henriksen, President and CEO

Phone: +31 6105 32543

Sven Børre Larsen, Executive VP and CFO

Phone: +31 6515 65186

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. 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.

Limassol, 22 June 2010

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

(Norwegian Securities Trading Act)

[HUG#1425985]

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