On 1 June 2006, Prosafe ASA ("Prosafe") announced that it had acquired 13,435,450 shares in Consafe Offshore AB ("Consafe") pursuant to an agreement with J. Christer Ericsson and affiliated companies equivalent to 48.353 per cent of the total shares in the company. On 7 June 2006, Prosafe presented an offer to acquire all remaining outstanding and issued shares in Consafe for a consideration of 0.354 shares in Prosafe for each share.
At the expiry of the acceptance period 19 June 2006 16:00 hours CET, Prosafe had received acceptances for 14,226,006 shares, and controls hereafter 99.55 per cent of the outstanding Consafe shares.
The Prosafe settlement shares will be made available through the issue of 5,036,746 new shares in Prosafe. Based on a weighted average of yesterday's share price, NOK 319.36, this corresponds to a share price of NOK 113.05 per Consafe share.
It is expected that transfer of the Consafe shares to Prosafe and transfer of the consideration shares to the former Consafe shareholders, having accepted the offer will take place on or about 23 June 2006, and that the consideration shares will be made available to the accepting shareholders and be accepted for listing at the Oslo Stock Exchange as of 26 June 2006.
It was outlined in the offer document that if Prosafe, after acquiring more than 90 per cent of the Consafe shares, intended to initiate a compulsory acquisition of the remaining Consafe shares under the Swedish Public Limited Companies Act Chapter 22 Section 1. Prosafe reconfirms its intention to initiate such compulsory acquisition and will proceed accordingly as soon as practicable.
Simultaneously with the announcement of a compulsory acquisition Prosafe intends to take the necessary steps for an application by Consafe of de-listing of its shares at Oslo Stock Exchange.
Prosafe is the world's leading owner and operator of semi-submersible service rigs and a major owner and operator of floating production and storage vessels outside the North Sea. Operating profit reached USD 103.6 million in 2005. The company operates globally and employs approx. 700 people, and is headquartered in Stavanger, Norway. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.
Tananger, 21 June 2006
For further information please contact:
Arne Austreid, President and CEO
+47 51 64 25 81 / +47 900 77 334
Bjørn Henriksen, Exec. Vice President & CFO
+47 51 64 25 30 / +47 902 52 480