Completion of Squeeze-Out Procedure
25 November 2010 - Reference is made to the announcements made by BW Offshore Limited ("BW Offshore") on 12 and 22 November 2010, regarding the settlement of the acquisition by BW Offshore of all the shares in the issued share capital of Prosafe Production Public Limited ("Prosafe Production") not already owned, directly or indirectly, by BW Offshore (the "Squeeze-Out").
In pursuance of Section 36(6) of the Cypriot Public Takeover Bids for the Acquisition of Securities of Companies Law of 2007, Law 41(I)/2007 (the "Cypriot Takover Act"), BW Offshore hereby announces that following the issue of the decision by the Cyprus Securities and Exchange Commission ("CySEC") under Section 36(5) of the Cypriot Takover Act dated 29 October 2010, 13,698,486 shares , being the remaining issued and outstanding shares in the capital of Prosafe Production, not already owned directly or indirectly by BW Offshore prior to the Squeeze-Out, have been transferred to BW Offshore, and BW Offshore has paid and satisfied the required consideration for such shares. Accordingly, the Squeeze-Out procedure commenced pursuant to an application filed on the 11 October 2010 to CySEC is now completed.
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 a leading global provider of floating production services to the oil and gas industry. With the acquisition of Prosafe Production in 2010, the company has become the world's second largest contractor with a fleet of 16 FPSOs and 3 FSOs represented in all major oil regions world-wide. BW Offshore has an excellent track record on project execution and operations, as well as a robust balance sheet and strong financial capabilities. In over 25 years of production, BW Offshore has successfully executed more than 30 FPSO and FSO projects. The company is listed on the Oslo Stock Exchange. Further information is also available on www.bwoffshore.com .
This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)