New service rig contract awarded ProSafe in the North Sea

Safe Service AS, a wholly owned subsidiary of ProSafe ASA, has received a Letter of Intent for the provision of accommodation services to Norsk Hydro on the Norwegian Continental Shelf.

The contract, which has a fixed duration of minimum 2 months excl. mobilisation and demobilisation periods, will commence as of summer of 2003 and will support the installation and commissioning programme for the Fram Field Development. The value of the fixed contract is expected to be approx. 9 MUSD, excluding the catering services. The vessel is to be gangway connected to the Troll C Platform and operating in dynamic positioning mode.

ProSafe is the world’s leading owner and operator of semi-submersible service rigs and the largest platform drilling contractor on the Norwegian Continental Shelf. Following the acquisition of Nortrans Offshore Ltd in March 2001, ProSafe has also become a significant player within floating production (FPSO) outside the North Sea.

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

Tananger 28th March 2001