Prosafe Production Public Limited (OSL:PROD) PROD - FPSO Cidade De São Mateus Has Left The Shipyard

Prosafe Production Public Limited (OSL:PROD) Prosafe Production Public Limited is pleased to announce that the FPSO Cidade de São Mateus on 24 December left Keppel Shipyard in Singapore and is en route to Brazil. Estimated sailing time is approximately 40 days. Following a short period of approval by Brazilian authorities as well as the client, the unit will be ready for installation.

The vessel will, when installed, be working on a long-term charter contract with Petrobras at the Camarupim field off the coast of Espirito Santo. The contract has an initial fixed term of nine years. In addition Petrobras has the right to extend it by up to six years.

FPSO Cidade de São Mateus is one of the world's largest and most complex converted FPSOs. The topside weight is approximately 20,000 tonnes and it will have the capacity to produce 353 mmscfd of gas as well as 35,000 bpd of fluids. The gas will be produced directly into pipelines, while the produced oil will be stored in the hull, which has a storage capacity of 700,000 bbl, and later transported to shore by shuttle tankers.

Prosafe Production is a major owner and operator of floating production and storage vessels. Operating profit before depreciation reached USD 106.8 million at end of nine months in 2008. The company operates globally and employs approx. 1,200 people, and is headquartered in Limassol, Cyprus. Prosafe Production Public Limited is listed on the Oslo Stock Exchange with ticker code PROD.

For more information, please refer to www.prosafeproduction.com

Limassol, 29 December 2008 Prosafe Production Public Limited

For further information please contact:

Bjørn Henriksen, President and CEO Phone: +65 9751 8460 / E-mail: bjorn.henriksen@prosafeproduction.com

Sven Børre Larsen, Executive VP and CFO Phone: +65 9657 2590 / E-mail: sven.larsen@prosafeproduction.com

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Prosafe Production Public Limited

http://www.prosafeproduction.com

ISIN: CY0100610910

Stock Identifier: XOSL.PROD