Prosafe Declines Teekay Offer

The board of directors of Prosafe ASA has decided to decline the mandatory offer for the purchase of shares of Petrojarl ASA, put forward by TPO Investments AS, a wholly owned subsidiary of Teekay Shipping Corporation.

Prosafe is the world's leading owner and operator of semi-submersible service rigs and a major owner and operator of floating production and storage vessels outside the North Sea. Operating profit reached US $103.6 million in 2005. The company operates globally and employs approx. 800 people, and is headquartered in Stavanger, Norway. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS.

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