PROD - Release of Q3 10 results rescheduled to 25 October 2010

The Board of Directors of Prosafe Production Public Ltd. has resolved to

reschedule the announcement of preliminary results for the 3rd quarter of 2010

to 25 October 2010.

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 2010 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.

For further information please contact:

Bjørn Henriksen, President and CEO

Mobile: +31 6105 32543

Sven Børre Larsen, Executive VP and CFO

Mobile: +31 6515 65186

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

(Norwegian Securities Trading Act)

[HUG#1450093]

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