The Board of Prosafe Production Public Limited has resolved to grant management and key employees of the company synthetic call options with a strike price of NOK 12.09, corresponding to the average closing share price 14 - 20 May 2009. The options have a vesting period of two years, four years maturity, as well as a cap mechanism resulting in a maximum payout equal to the strike price.

The following primary insiders have been awarded options 20 May 2009:

After this, the primary insiders hold the following number of shares and synthetic options:

• Henriksen: 156,000 shares, 363,000 options with strike NOK 12.09 and 1,000,000 options with strike NOK 36.52
• Hallås: 105,930 shares, 281,000 options with strike NOK 12.09 and 930,000 options with strike NOK 36.52
• Larsen: 24,500 shares, 281,000 options with strike NOK 12.09 and 300,000 options with strike NOK 36.52
• Darland: 14,000 shares, 100,000 options with strike NOK 12.09 and 60,000 options with strike NOK 36.52
• Eik: 100,000 options with strike NOK 12.09 and 60,000 options with strike NOK 36.52
• Andreassen: 100,000 options with strike NOK 12.09

Limassol, 22 May 2009

Prosafe Production Public Limited

For further information please contact:

Bjørn Henriksen, President and CEO

Phone: +65 9751 8460

E-mail: bjorn.henriksen@prosafeproduction.com

Sven Børre Larsen, Executive VP and CFO

Phone: +65 9657 2590

E-mail: sven.larsen@prosafeproduction.com