Strengthens the fleet and concludes subsea participation agreement

ProSafe ASA has purchased the semi submersible multi service rig MSV Regalia from Halliburton Brown & Root Ltd. Simultaneously, the parties have concluded a 5 year international participation agreement which involves use of the rig in the subsea construction market.

The purchase price is MUSD 97,3, while ProSafe will receive a bareboat dayrate of USD 79.000 for 78 days from Halliburton Brown & Root Ltd. in connection with the latters’ completion of an existing contract on Oseberg South for Norsk Hydro.

The purchase is a strategic milestone to ProSafe, and illustrates the company’s focus on building a flexible fleet that can be used in several interesting markets. MSV Regalia is a modern, flexible rig with a dynamic positioning system, and can be used both as a flotel and also for subsea construction work. The rig is also well suited for future well intervention work, however this will require some minor modifications. The purchase further strengthens ProSafe’s leading position within the accommodation market. ProSafe also gains access to subsea knowledge through the co-operation with Halliburton Brown & Root Ltd.

ProSafe ASA, comprising the business areas Offshore Support Services, Offshore Drilling & Related Services and Technology & Engineering, is the largest contractor within the platform drilling segment on the Norwegian Continental Shelf and also the world’s leading operator of semi-submersible service rigs. Further, the company holds leading positions within the areas of equipment for drilling fluid processes and also offshore fabrication through its subsidiaries Procon Engineering and Consafe Engineering.

The company is listed on the Oslo Stock Exchange with ticker code PRS.


Tananger 17 August 2000