NOT FOR PUBLIC DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, SOUTH AFRICA, CANADA, AUSTRALIA OR JAPAN
11 October 2010 - Reference is made to the offer document dated 27 July 2010 (the "Offer Document") from BW Offshore Limited ("BW Offshore") regarding the voluntary exchange offer (the "Offer") for all of the issued and outstanding shares of Prosafe Production Public Limited ("Prosafe Production") not owned, directly or indirectly, by BW Offshore. Reference is further made to the information memorandum and supplemental document dated 16 September 2010 (the "Supplemental Document"), and previous announcements issued in connection with the Offer.
In pursuance of section 36(4)(d) of the Public Takeover Bids for the Acquisition of Securities of Companies Law of 2007, Law 41(I)/2007 (the "Law"), BW Offshore hereby announces that an application under sections 36(4)(a) of the Law has been submitted to the Cyprus Securities and Exchange Commission ("CySec") today, on 11 October 2010, under which BW Offshore requests a CySEC decision to be issued under section 36(5) of the Law permitting BW Offshore to acquire all the shares in the issued share capital of Prosafe Production which BW Offshore does not own (directly or indirectly) following settlement of the Offer.
Further announcements on the squeeze-out procedure will be made in due course.
For further information, please contact:
Carl K. Arnet, CEO, +65 9630 3290
Knut R. Sæthre, CFO, +47 9111 7876
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
This announcement is not an offer for sale of any securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act. BW Offshore has not registered and does not intend to register any portion of any offering of shares in the United States or to conduct a public offering of any securities in the United States.