The board of directors of Prosafe SE has resolved to propose to the annual general meeting to distribute 90.1 per cent of the shares of the company's Floating Production division to the shareholders of Prosafe SE as a dividend in kind. The new floating production company will be listed on the Oslo Stock Exchange under the name Prosafe Production Plc.
The distribution level ensures a high free float of shares in Prosafe Production Plc and enables Prosafe SE to retain a reasonable consolidated equity and an attractive capital return policy. Prosafe SE sees the retained shareholding as a financial investment.
Prosafe SE will continue its balanced strategy of combining growth and direct capital return. The board also resolved to adopt a dividend model for Prosafe SE after the split of the company targeting a distribution of approximately 50 per cent of net profit.
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. Operating profit reached USD 222.2 million in 2007. The company operates globally, has approx. 1,400 employees and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.
Larnaca, 14 March 2008
Prosafe SE
For further information please contact:
Arne Austreid, President and CEO
Phone no: +357 246 21 746 / +357 992 75 030
Karl Ronny Klungtvedt, Exec. Vice President and CFO