As a result of the evaluation, the Board of Prosafe SE has today resolved to initiate a process intending to split the company into two listed companies, one focused Accommodation and Service Rig company and one focused Floating Production company. The split process, including listing of the two entities, is expected to be completed during 2nd quarter 2008.
Arne Austreid will be the CEO of the Accommodation and Service Rig company, while Bjørn Henriksen will assume the role as CEO of the Floating Production company.
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 150 million in 2006. The company operates globally and employs about 1,400 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more general information, please go to our website www.prosafe.com.
Larnaca, 6 December 2007
For further information please contact:
Arne Austreid, President and CEO
Phone: +357 246 21 746/+357 992 75 030
Bjørn Eie Henriksen, Chief Operating Officer
Phone: +65 975 18 460
Karl Ronny Klungtvedt, Exec. VP and CFO
Phone: +357 246 21 982/+357 996 88 169