FPSO'S

[10 bagger]

PROD.ol

World`s First Drilling FPSO Leaves Singapore Shipyard
Tekst
The world`s first Floating, Drilling, Production, Storage and
Offloading vessel (FDPSO), which is owned by Prosafe Production, has
left Keppel Shipyard in Singapore on January 24, 2009. After a short
stay at anchorage, it will head for the Republic of Congo where it
will be deployed at Murphy West Africa Ltd`s (a subsidiary of Murphy
Oil Corporation) deepwater Azurite development in the Mer Profonde
Sud Block.

Named the Azurite, this first of its kind FPSO with drilling
capabilities incorporates a design that is cost efficient and
effective for drilling and producing deepwater fields. The vessel is
equipped with a modular drilling package that can be removed and
reused elsewhere when the production wells have been drilled. The
Azurite has a storage capacity of 1.4 million barrels of oil and a
process capacity of 60,000 bfpd/40,000 bopd and will be spread-moored
at a water depth of 1,400 meters.

Prosafe Production has been responsible for the FPSO conversion,
while Murphy West Africa Ltd (Murphy) has been responsible for the
drilling scope. After conversion, Prosafe Production is responsible
for the operation and maintenance of the vessel, while Murphy is
responsible for drilling operations.

About Prosafe Production
Prosafe Production is a leading owner and operator of Floating
Production, Storage and Offloading vessels (FPSOs). Prosafe
Production has 25 years of operational experience from several of the
world`s largest oil and gas provinces. The company has a good
operational uptime track record and possesses a range of proprietary
FPSO-related technologies. Prosafe Production operates globally and
employs approximately 1,200 employees from more than 40 countries.
Headquartered in Limassol, Cyprus, Prosafe Production is listed on
the Oslo Stock Exchange with ticker code PROD.

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

Limassol, 29 January 2009
Prosafe Production Public Limited

For further information please contact:

Bjørn Henriksen, President and CEO
Phone: [phone] / E-mail:
[e-mail]

Sven Børre Larsen, Executive VP and CFO
Phone: [phone] / E-mail:
[e-mail]