PROD - Extension of Abo FPSO contract

Nigerian Agip Exploration Limited has exercised the first of two 12-months

extension options for Abo FPSO. The extension will be effective from early April

2011. The gross value is approximately USD 30 million.

About Prosafe Production

Prosafe Production is one of the world's leading FPSO contractor. The fleet

currently consists of eight FPSOs, two FSOs and one VLCC conversion candidate.

The Group has approximately 1,000 employees and the head office is located in

Limassol, Cyprus.

On 13 September 2011 it was announced that Prosafe Production and BW Offshore

has agreed to combine in order to create the world's second-largest FPSO

contractor. The combined company will have a fleet of 18 units in operation,

whereof 15 are FPSOs, in addition to three units under conversion.

Limassol, 8 October 2010

Prosafe Production Public Limited

For further information, please contact:

Bjørn Henriksen, President and CEO, tel.: +31 610532543

Sven Børre Larsen, EVP and CFO, tel.: +31 651565186

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

(Norwegian Securities Trading Act)

[HUG#1450063]

AI Terminal