New Issued Share Capital
NOT FOR PUBLIC DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, SOUTH AFRICA, CANADA, AUSTRALIA OR JAPAN
8 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 currently 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.
Further to the stock exchange announcements earlier today, on 8 October 2010, regarding the settlement notice and final acceptance level and the minutes of the special general meeting, BW Offshore has issued 216,684,280 new shares, to be delivered as consideration shares to the accepting Prosafe Production shareholders under the Offer. The new number of issued and outstanding shares in BW Offshore is 672,897,795, and all shares are validly and legally issued, fully paid-up and properly registered.
It is expected that delivery of the consideration shares to the accepting Prosafe Production shareholders will take place on or about 11 October 2010, while the cash consideration payable under the Offer is expected to be provided to the accepting Prosafe Production shareholders' registered bank accounts in the VPS on or about 12 October 2010.
The accepting Prosafe Production shareholders should not transfer or sell consideration shares to be received as settlement under the Offer before such shares have been registered on the accepting Prosafe Production shareholders' VPS accounts. Any accepting Prosafe Production shareholder that transfers consideration shares to be received under the Offer before delivery of such shares has taken place runs the risk of not being able to settle the sale or transfer its BW Offshore shares in time.
For further information, please contact:
Carl K. Arnet, CEO, +65 9630 3290
Knut R. Sæthre, CFO, +47 9111 7876
About BW Offshore
BW Offshore is one of the world's leading FPSO contractors and a market leader within advanced offshore loading and production systems to the oil and gas industry. BW Offshore has more than 25 years' experience and has successfully delivered 14 FPSO projects and 50 turrets and offshore terminals. BW Offshore's technology division APL has delivered solutions for production vessels, storage vessels and tankers in a wide range of field developments. Adapting through competence, in-house technology, solid project execution and operational excellence, BW Offshore ensures that customer needs are met through versatile solutions for offshore oil and gas projects. BW Offshore has a global network with offices in Europe, Asia Pacific, West Africa and the Americas. BW Offshore has 1,100 employees and is listed on the Oslo Stock Exchange. For more information, please visit www.bwoffshore.com and www.apl.no.
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.