Star formation (SF) takes place in unusual places such as way out in the intergalactic medium out of material expelled from parent galaxies. We wish to answer whether SF proceeds in this specific environment in a similar way than in galactic disks. We have carried out a multiwavelength analysis of the interacting system NGC 5291, which is remarkable for its extended HI ring hosting numerous intergalactic HII regions. We combined new ultraviolet (GALEX) observations with archival Halpha, 8 mu m (Spitzer Space Telescope) and HI (VLA B-array) images of the system. We have found that the morphology of the star forming regions, as traced by the ultraviolet, Halpha, and 8 mu m emission is similar. There is a clear excess of ultraviolet emission compared to individual HII regions in spirals, i.e. the [8.0]/[NUV] and [Halpha]/[NUV] SFR ratios are on average low although there are some large variations from one region to another, which cannot be explained by variations of the metallicity or the dust extinction along the HI structure. Comparing the observed SFR with a model of the evolution of [Halpha]/[NUV] with time favours young, quasi-instantaneous though already fading starbursts. The total star formation rate measured in the intergalactic medium (which accounts for 80% of the total) surrounding NGC 5291 is up to 1.3 Msun/yr, a value typical for spirals, assuming the standard SFR calibrations are valid. The SFR drops by a factor of 2 to 4 in case the star formation is indeed quasi-instantaneous. (abridged)