Prosafe Sells Its 30% of Teekay Petrojarl for $258MM

Prosafe Production Public Limited has today sold 22,603,832 shares (corresponding to approximately 30.1% of the outstanding share capital) in Teekay Petrojarl ASA to Teekay at a price of NOK 59.00 per share. Prosafe Production holds no shares in Petrojarl following this transaction.

The proceeds of approximately US $258 million further strengthen the Company's ability to invest in the growing FPSO market.

In USD terms, the transaction price is more than 40% above the price paid by the Prosafe group in August 2006. However, it will result in a book loss of approximately US $55 million for Prosafe Production.

Prosafe Production is a major owner and operator of FPSOs. Operating profit before depreciation reached US $36.3 million in first quarter 2008. The Company operates globally and employs approximately 1,200 staff, and is headquartered in Cyprus.