Prosafe Clears the Record, Hasn't Yet Inked an LOI for an FPSO

Prosafe Production refers to press articles suggesting that the company has entered into a Letter of Intent (LOI) for the provision of a small FPSO for Storm Ventures International's Cosmos project offshore Tunisia, and informs that these articles are inaccurate.

Prosafe Production is in dialogue with Storm, as with several other potential clients. However, the parties have not reached any agreement, nor entered into an LOI, for the provision of an FPSO for the Cosmos field.

Prosafe Production is a major owner and operator of floating production, storage and offloading vessels. Operating profit before depreciation reached US $36.3 million in the first quarter of 2008. The company operates globally and employs approximately 1,200 staff, and is headquartered in Larnaca, Cyprus. Prosafe Production Public Limited will be listed on the Oslo Stock Exchange with ticker code PROD on or about June 2, 2008.