Delivery of Consideration Shares in the Offer

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 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 and previous announcements issued in connection with the Offer.

In line with the announcement on 8 October 2010, the delivery of the 216,684,280 consideration shares, in aggregate, in BW Offshore to the accepting Prosafe Production shareholders' VPS accounts has been completed today. It is expected that the cash consideration payable by BW Offshore under the Offer will be provided to the accepting Prosafe Production shareholders' registered bank accounts in the VPS on or about 12 October 2010.

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.