Contract and letters of intent awarded ProSafe

Procon Engineering AS, a wholly owned subsidiary of ProSafe ASA, has been awarded a contract for the delivery of mud mixing and mud control systems for the Ringhorne project. The company has also received letters of intent for the delivery of mud mixing and mud control systems for the Grane and Valhall projects.

Total value of the orders is approx. MNOK 45, and the order backlog of Procon Engineering AS amounts to MNOK 70 following these orders.

Procon Engineering AS is based in Asker, and is a leading supplier of mud mixing and mud control systems on the Norwegian Continental Shelf.

ProSafe ASA is the world’s leading owner and operator of semi-submersible service rigs. The company is also the largest platform drilling contractor and supplier of drilling fluid systems on the Norwegian Continental Shelf. As at 30 September 2000, ProSafe had total revenues of MNOK 1,626 and an operating profit of MNOK 458. The company employs approx. 1,300 people.

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

Tananger 15 January 2001