Prosafe SE

Regulatory Filings • Jul 27, 2010

Offer document reviewed and approved

(This is a copy of announcement from BW Offshore

Limited, 27.07.2010 at 17:24 hours.)

NOT FOR PUBLIC DISTRIBUTION, DIRECTLY OR INDIRECTLY,

IN OR INTO THE UNITED STATES OF AMERICA, SOUTH

AFRICA, CANADA, AUSTRALIA OR JAPAN

27 July 2010 - Reference is made to the stock

exchange notices from BW Offshore Limited ("BW

Offshore" or "BWO") of 21 June 2010, 30 June 2010 and

14 July 2010 regarding the intention to make a

voluntary exchange offer (the "Offer") for all

of the issued and outstanding shares of Prosafe

Production Public Limited ("Prosafe Production") not

currently owned, directly or indirectly, by BW

Offshore.

The offer document and information memorandum

containing equivalent information as a prospectus

(the "Offer Document") has been reviewed and approved

by the Oslo Stock Exchange in accordance with Section

6-14 of the Norwegian Securities Trading Act and

reviewed by the Financial Supervisory Authority of

Norway in accordance with Section 7-13, cf. Sections

7-4 no 6 and 7-5 no 7 of the Norwegian Securities

Trading Act.

The consideration in the Offer is 1.2 shares in BW

Offshore plus NOK 2.00 in cash for each share in

Prosafe Production. If Prosafe Production completes

the sale of its turret and swivel business no later

than two Norwegian business days prior to expiry of

the offer period on conditions as set out in the Offer

Document, the consideration shall be 1.2 shares in BW

Offshore shares plus NOK 5.25 in cash for each share

in Prosafe Production. The offer period is from and

including 29 July 2010 to and including 25 August

2010 at 17:30 (CET).

The Offer Document will, subject to restrictions

under applicable securities laws, be available prior

to the commencement of the offer period at the website

of BW Offshore, www.bwoffshore.com/ir, and the

website of Carnegie, www.carnegie.no. Further, the

Offer Document will, subject to restrictions under

applicable securities laws, be sent to the

shareholders of Prosafe Production.

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 one of the world's leading FPSO

contractors and a market leader within advanced

offshore loading and production systems to the oil

and gas industry. BW Offshore has more than 25 years'

experience and has successfully delivered 14 FPSO

projects and 50 turrets and offshore terminals. BW

Offshore's technology division APL has delivered

solutions for production vessels, storage

vessels and tankers in a wide range of field

developments. Adapting through competence, in-house

technology, solid project execution and operational

excellence, BW Offshore ensures that customer needs

are met through versatile solutions for offshore oil

and gas projects. BW Offshore has a global network

with offices in Europe, Asia Pacific, West Africa and

the Americas. BW Offshore has 1,100 employees and is

listed on the Oslo Stock Exchange. For more

information, please visit www.bwoffshore.com and

www.apl.no.

This information is subject to the disclosure

requirements pursuant to Section 5-12 of the

Norwegian Securities Trading Act.

This announcement is not an offer for sale of any

securities in the United States. Securities may not

be offered or sold in the United States absent

registration or an exemption from registration under

the U.S. Securities Act. BW Offshore has not

registered and does not intend to register any

portion of any offering of shares in the United

States or to conduct a public offering of any

securities in the United States.