* Operating result before depreciation of USD 59.7 million

  * Robust operational performance

  * Board advises shareholders to reject BW Offshore's voluntary offer



Main Figures

(Figures in brackets refer to the corresponding period of 2009)

Operating revenues for the second quarter of 2010 amounted to USD 106.5 million
(USD 80.5 million).

Operating profit before depreciation was USD 59.7 million (USD 48.1 million) for
the quarter. The main reasons for the growth are FPSO Cidade de São Mateus which
started contributing during second quarter 2009 and FPSO Ningaloo Vision, which
has been on dayrate since the beginning of January 2010 and as such has
contributed fully for second quarter 2010. This has been partly offset by the
scheduled decline in the dayrate for FPSO Umuroa.

Operating result for the quarter came in at USD 23.7 million (USD 28.5 million).

Interest expenses amounted to USD 11.7 million (USD 11.1 million) for the
quarter. Other financial items amounted to USD -0.5 million (USD -0.7 million).

The tax cost equaled USD 5.9 million (USD 3.7 million), of which changes in
deferred tax, mainly relating to the Australian operations, amounted to USD 2.9
million.

The net result from continued business for the quarter was USD 5.7 million (USD
13.1 million).



Board recommends not to accept offer from BW Offshore

On 21 June BW Offshore announced that it intended to present a voluntary offer
for the outstanding shares of Prosafe Production by the week starting on 12
July. The offer was not formally put forward until 27 July through the
publication of an offer document. The higher of two offer prices is conditional
upon completion of the sale of the turret and swivel business. As it is unlikely
that closing of the sale will take place as long as the offer stands, the
relevant offer price is to be regarded as 1.2 BWO share plus NOK 2.0 in cash per
PROD share. The Board has unanimously decided to advise the shareholders of
Prosafe Production not to accept the offer, as it is not deemed to reflect the
underlying values of the company.

The Board continues to evaluate the Company's strategic and financial options in
order to maximize value for all shareholders of the Company, including actively
pursuing alternative bidders to present an alternative offer for the shares of
Prosafe Production.

Please refer to attached documents for further information.



Management presentation

Bjørn Henriksen, President & CEO and Sven Børre Larsen, Executive VP & CFO will
give a presentation of the results at CET 0900 hours today at Shippingklubben,
Haakon VII's gt. 1 in Oslo.

The presentation can be followed 'live' via web streaming at
http://www.prosafeproduction.com. A recording of the presentation will be made
available at the same location.



About Prosafe Production

Prosafe Production is a leading owner and operator of Floating Production,
Storage and Offloading vessels (FPSOs). Prosafe Production has 25 years of
operational experience from several of the world's largest oil and gas
provinces. Prosafe Production operates globally and employs approximately 1,000
employees from more than 40 countries. Headquartered in Limassol, Cyprus,
Prosafe Production is listed on the Oslo Stock Exchange with ticker code PROD.
Please refer to www.prosafeproduction.com for more details.



For further information please contact:

Bjørn Henriksen, President and CEO

Mobile: +31 6105 32543

E-mail:bjorn.henriksen@prosafeproduction.com



Sven Børre Larsen, Executive VP and CFO

Mobile: +31 6515 65186

E-mail:sven.larsen@prosafeproduction.com



This information is subject of the disclosure requirements acc. to §5-12 vphl
(Norwegian Securities Trading Act)


[HUG#1438037]





Q2 2010 Prosafe Production Report: 
http://hugin.info/139144/R/1438037/382667.pdf

Q2 2010 Prosafe Production Presentation: 
http://hugin.info/139144/R/1438037/382668.pdf




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Source: Prosafe Production Public Limited via Thomson Reuters ONE