Prosafe Confirms Intention to Split

On September 24th 2007 Prosafe SE announced that the Board of Directors had decided to commence a process of evaluating the possible effects of a split of Prosafe into two focused, listed companies. Through the evaluation the Board has concluded that both companies, on an independent basis, will have resources and financial capacity to further develop and grow in line with previously communicated goals.

As a result of the evaluation, the Board of Prosafe SE has today resolved to initiate a process intending to split the company into two listed companies, one focused Accommodation and Service Rig company and one focused Floating Production company. The split process, including listing of the two entities, is expected to be completed during 2nd quarter 2008.

Arne Austreid will be the CEO of the Accommodation and Service Rig company, while Bjorn Henriksen will assume the role as CEO of the Floating Production company.