Completion of Squeeze-Out Procedure

25 November 2010 - Reference is made to the
announcements made by BW Offshore Limited ("BW
Offshore") on 12 and 22 November 2010, regarding the
settlement of the acquisition by BW Offshore of all
the shares in the issued share capital of Prosafe
Production Public Limited ("Prosafe Production") not
already owned, directly or indirectly, by BW Offshore
(the "Squeeze-Out").

In pursuance of Section 36(6) of the Cypriot Public
Takeover Bids for the Acquisition of Securities of
Companies Law of 2007, Law 41(I)/2007 (the "Cypriot
Takover Act"), BW Offshore hereby announces that
following the issue of the decision by the Cyprus
Securities and Exchange Commission ("CySEC") under
Section 36(5) of the Cypriot Takover Act dated 29
October 2010, 13,698,486 shares , being the remaining
issued and outstanding shares in the capital of
Prosafe Production, not already owned directly or
indirectly by BW Offshore prior to the Squeeze-Out,
have been transferred to BW Offshore, and BW Offshore
has paid and satisfied the required consideration for
such shares. Accordingly, the Squeeze-Out procedure
commenced pursuant to an application filed on the 11
October 2010 to CySEC is now completed.

For further information, please contact:
Carl K. Arnet, CEO, +65 9630 3290
Knut R. Sæthre, CFO, +47 9111 7876


About BW Offshore:
BW Offshore is a leading global provider of floating
production services to the oil and gas industry. With
the acquisition of Prosafe Production in 2010, the
company has become the world's second largest
contractor with a fleet of 16 FPSOs and 3 FSOs
represented in all major oil regions world-wide. BW
Offshore has an excellent track record on project
execution and operations, as well as a robust balance
sheet and strong financial capabilities. In over 25
years of production, BW Offshore has successfully
executed more than 30 FPSO and FSO projects. The
company is listed on the Oslo Stock Exchange. Further
information is also available on www.bwoffshore.com .


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