ProSafe wins drilling contract on the Ringhorne platform

Procon Drilling Services AS, a wholly owned subsidiary of ProSafe ASA, has entered into a contract with Esso Norge AS for the drilling- and maintenance work on the Ringhorne platform. The project phase commences this autumn, while the offshore operation is expected to commence medio 2002. The contract lasts until 31 December 2006, and includes in addition option periods of 3 x 2 years. Total contract value is approx. MNOK 500, excluding options.

Currently, Procon Drilling Services has a similar drilling- and maintenance contract for Esso on Jotun, and the company was also awarded the drilling contract on Kvitebjørn in August 2000 at a value of MNOK 350. ProSafe considers this contract award as yet another confirmation of the strong position that the company holds within this segment.

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.

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

Tananger 1 September 2000