The Norwegian Competition Authority (“NCA”) has issued a Statement of rejection to Floatel and Prosafe regarding the proposed merger.

Floatel and Prosafe will study the decision in detail and expect to decide on whether to appeal shortly.

About Floatel

Floatel provides top quality offshore Floatels for extreme conditions. With headquarters in Bermuda, Floatel International Ltd. has a Gothenburg subsidiary, Floatel International AB, for onshore operational support and supervision.

About Prosafe

Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS.