Prosafe Acquires Nearly One-Third of Petrojarl Shares

Prosafe ASA

Prosafe ASA said that it entered into agreements Monday with selected Petrojarl ASA shareholders for the acquisition of 22 178 593 Petrojarl ASA (Petrojarl) shares, representing approximately 29.57 percent of the shares of Petrojarl.

The acquisition price per Petrojarl share is NOK 50. The acquisition will be settled in cash and partly in approx. 2.1 million new Prosafe shares issued to selected Petrojarl sellers at a subscription price of NOK 349.5 per Prosafe share.

Prosafe confirms that it is pleased to have been able to acquire a strategic position in Petrojarl ASA. Prosafe believes that Petrojarl with its fleet of four harsh environment FPSOs and an experienced and well reputed organisation is well placed to participate in the future growth within the floating production industry. The acquisition is in line with Prosafe's intention to grow its position in this business segment. Prosafe is also pleased to welcome selling Petrojarl shareholders as new Prosafe shareholders.