BW Offshore has sold its 26.5% stake in Prosafe
 
 
BW Offshore’s stake of 26.5 per cent in Prosafe has been sold for a total proceed of USD 660 million (NOK 55 per share).
 
Mid-May, Prosafe was split into one accommodation rig company (Prosafe) and one floating production company (Prosafe Production). During this transaction, BW Offshore got 60.9 million shares in each company.  The shares in Prosafe were sold for a total proceed of USD 660 million at the end of May.
 
BW Offshore still holds 60.9 million shares in Prosafe Production, which is expected to start trading on the Oslo Stock Exchange on 2 June. Prosafe Production has a fleet of five FPSOs, two FSOs, one conversion candidate and three FPSO/FDPSOs under construction. The company also holds a 30% stake in the FPSO company Teekay Petrojarl.

For further information, please contact:

Svein Moxnes Harfjeld, CEO, BW Offshore, +47 4140 4886
Knut R. Sæthre, CFO, BW Offshore, +47 9111 7876