*

Hitt og þetta 31. júlí 2007

First oil on FPSO Umuroa

Prosafe announces that the FPSO Umuroa has commenced production on the Tui field in the Taranaki basin offshore New Zealand on 30 July 2007. Prosafe converted a Suezmax to the FPSO Umuroa, and was responsible for the engineering, procurement, construction, installation and commissioning. Prosafe holds an initial five-year operating contract with five additional one-year options. Australian Worldwide Exploration Limited is the operator of the field with a 42.5 percent working interest. Partners are Mitsui E&P (35%), New Zealand Oil & Gas (12.5%) and Pan Pacific Petroleum (10%). The FPSO Umuroa is capable of processing up to 50 000 barrels of oil per day, 118 000 barrels of water per day and 120 000 barrels of total fluid per day, has a storage capacity of approximately 773 000 barrels and a gas compression capacity of 25 mmscfd. She is turret moored in a water depth of 120 meters using Prosafe's in-house developed turret/swivel technology. After good cooperation with Australian Worldwide Exploration Limited, Mitsui E&P, New Zealand Oil & Gas and Pan Pacific Petroleum throughout the project phase, Prosafe looks now forward to conducting successful and safe operations at the Tui field. 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, employs approx. 1 000 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. Stavanger, 31 July 2007 Prosafe SE For further information, please contact: Arne Austreid, President and CEO Phone: +47 51 64 25 81 / +47 900 77 334 Bjørn Henriksen, Chief Operating Officer Phone: +47 51 64 25 30