Extension of the Åsgard flotel-contract

Statoil has extended the contract for the use of Safe Britannia on the Åsgard field in the Norwegian Sector of the North Sea until 15th October 2000. The dayrate during the extension period is USD 95,000. Statoil has in addition an option to further extend the contract until the end of October 2000.

Currently, ProSafe experiences a 100% fleet utilisation having 3 rigs on contract in Mexico and 4 rigs on contract in the North Sea.

ProSafe ASA, comprising the business areas of 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.