Prosafe ASA has decided to set forward a bid for repurchase of PRS01, ISIN NO 001 021643.5, in return for issuing a new 5 year floating rate note. Prosafe ASA offers to buy back PRS01 at a price equivalent to 3 month NIBOR plus 0.60 % to maturity. The repurchase price will be fixed on Friday March 25th at 12:00 hrs. Settlement date of the transaction is March 9th 2005. The new bond will be repaid on March 9th 2010, and interest payments are based on 3 month NIBOR plus 1.15%.
Repurchase of PRS01 is conditional on current investors purchasing the new bond. An application will be made for a listing of the bond on the Oslo Stock Exchange. Pareto Securities ASA is the arranger.
Prosafe is the world's leading owner and operator of semi-submersible service rigs, the largest platform drilling contractor in Norway and a major owner and operator of floating production and storage vessels outside the North Sea. Operating revenues reached USD 470 million in 2004. The company employs approx. 1,450 people. Prosafe operates in the North Sea, South-East Asia, India, Egypt, West Africa and the Gulf of Mexico. The company 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, 14 February 2005