Prosafe Production Public Limited (the “Company”) has scheduled its annual general meeting of shareholders (the “AGM”) to be held on 11 May 2010. The AGM will, inter alia, address election of directors (the “Directors”) to the Company’s board of directors (the “Board”).

Oslo, 16 March 2010

According to section 53 of the Company’s Articles of Association, the Board shall consist of a minimum of two Directors, but the Company may by ordinary resolution increase or decrease the number from time to time. The main rule is that the Directors will serve for a period of two years unless otherwise decided by the shareholders in a general meeting.

The Board currently consists of six Directors, all of whom have served for a two year term which expires in the upcoming AGM. The Board is currently composed of Reidar Lund (chairman), Christian Brinch, Arne Austreid, Ronny Johan Langeland, Michael Raymond Parker and Chrysanthos Mardapittas.

Mr. Reidar Lund, has notified the Company that he will not accept re-election upon expiry of his term of service.

The Nomination Committee was elected in 2009 for a two-year term, and does not stand for re-election or replacement in the upcoming AGM.

In accordance with the Company’s Articles of Association and applicable governance rules, the Nomination Committee will provide a proposal in connection with the composition of the Board and election of Directors in the AGM.

Prior to making any recommendation, the Nomination Committee shall appreciate any views or suggestions that shareholders in the Company may have in respect of the above, including any specific proposals as to candidate(s) to the Board.

Any one of the Nomination Committee members may be contacted before 1 April 2010 by shareholders in the Company who have input regarding the above at the following e-mail addresses.

Rolf Johan Ringdal; rjr@bahr.no

Thomas Raaschou; tr@awilhelmsen.no

Arne Austreid; arne.austreid@prosafe.com