(Bermuda, January 15, 2007) BW Offshore Limited has acquired over 5% of the share capital in Prosafe ASA, resulting in a combined holding by BW group entities of 22.6% of the shares and votes in Prosafe ASA.
BW Offshore Limited (BW Offshore) today announces the acquisition of 12 257 085 shares in Prosafe ASA (Prosafe), which constitutes 5.3 % of the share capital and votes in Prosafe, at a price of NOK 86.0 per share. Together with BW Euroholdings Limited, which is controlled by BW Offshore Limited's parent company BW Limited, the BW group now owns 51 932 990 shares, constituting 22.6 % of the share capital and votes in Prosafe.
BW Offshore has previously declared its interest in being an active participant in consolidation in the FPSO industry. FPSOs, or Floating Production Storage and Offloading units, are a key component in the energy supply chain. With the trend towards producing oil and gas in deeper waters offshore, this sector is experiencing rapid and strong growth. BW Offshore believes that a transaction with Prosafe would create a major FPSO player with the largest geographical footprint in the industry and well positioned to take advantage of growth opportunities.
To finance the share purchase at NOK 86.0 per Prosafe share, BW Offshore will conduct a placing of new shares in BW Offshore at a price per share of NOK 26.0. Carnegie ASA has been mandated to conduct a new share issue of up to 43 605 016 shares. Gross proceeds from the transaction will be approximately NOK 1.1 bn. The book is expected to close at 13.00 CET on January 15, 2007. The placing of new shares is guaranteed by BW Limited. Selling Prosafe shareholders are subscribing for a major part of the issue.
Following this new share issue, BW Offshore will have up to 250 000 000 shares in issue.
For further information, please contact:
Svein Moxnes Harfjeld, CEO BW Offshore AS +47 41 40 48 86
Niels Erik Feilberg, CFO BW Offshore AS +47 90 87 08 66
Andreas Sohmen-Pao, Deputy Chairman BW Offshore Limited +65 96 69 15 09