New service rig contract to ProSafe in the North Sea

Safe Service AS, a wholly owned subsidiary of ProSafe ASA, has received and accepted a Letter of Intent for the provision of accommodation services to Den norske stats oljeselskap a.s on the Statfjord field on the Norwegian Continental Shelf.

The contract, which has a fixed duration of 90 days excl. mobilisation and demobilisation periods, will commence as of 1st April 2001 and will support the shutdown and maintenance programme for the Stafjord B Platform. The value of the fixed contract, which will be performed by the Safe Scandinavia (ex Polycrown), is expected to be approx. 51 MNOK, excl. anchor handling and catering services. Safe Service has also the right to substitute the Safe Scandinavia with the Safe Britannia.

ProSafe is the world’s leading owner and operator of semi-submersible service rigs. The company is also the largest platform drilling contractor on the Norwegian Continental Shelf. In 2000 ProSafe made a turnover of MNOK 2,305 and an operating profit of MNOK 609. The company employs approx. 1,300 people.

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

Tananger 19th February 2001