PRS – SAFE CALEDONIA RECEIVES LETTER OF INTENT FOR WORK IN MEXICO

Ocean Oil Construction and Services Ltd. has informed ProSafe of their intent to Bareboat Charter Safe Caledonia for a period of 9 months with a delivery window of 90 days, starting November 15, 2000. The contract has an estimated value of approximately USD 10 mill.

The service vessel is to be used in connection with work to be performed on the EPC01 on the Cantarell field in the Gulf of Mexico. The Letter of Intent is a confirmation of the strength of the mexican market, and emphasises the importance of having a strong foothold in this region.

Safe Caledonia will be mobilised for Mexico after completion of the Shearwater contract, at latest September 15, 2000. Expected mobilisation period is 45 – 60 days.

ProSafe ASA, an integrated offshore supplier, is the largest contractor within the platform drilling segment on the Norwegian Continental Shelf, and is also the worlds leading operator of accommodation / service rigs owning 6 out of 8 units world-wide. The company has further substantial engineering and fabrication resources through the subsidiary companies Proon Engineering AS and Consafe Engineering Ltd. The company is listed on the Oslo Stock Exchange with ticker code PRS.