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 E-mail: Sven Børre Larsen, Executive VP and CFO Phone: +31 6515 65186 E-mail: 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] This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. All reproduction for further distribution is prohibited. Source: Prosafe Production Public Limited via Thomson Reuters ONE