Prosafe to Re-Purchase Bonds

Prosafe ASA has decided to set forward a bid for repurchase of PRS01, ISIN NO 001 021643.5, in return for issuing a new 5-year floating rate note. Prosafe ASA offers to buy back PRS01 at a price equivalent to 3-month NIBOR plus 0.60 % to maturity.

The repurchase price will be fixed on Friday March 25th at 12:00 hrs. Settlement date of the transaction is March 9th 2005. The new bond will be repaid on March 9th 2010, and interest payments are based on 3-month NIBOR plus 1.15%.

Repurchase of PRS01 is conditional on current investors purchasing the new bond. An application will be made for a listing of the bond on the Oslo Stock Exchange. Pareto Securities ASA is the arranger.

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