Extension for the FPSO Ruby Princess

Nortrans Offshore Ltd, a subsidiary company of ProSafe ASA, has been awarded a one year extension on contract terms from Petronas CARIGALI Vietnam for the use of the FPSO Ruby Princess on the Ruby Field offshore Vietnam. The extension runs from 22 October 2001. The value, including the remaining 6 months of the fixed term, is about USD 28 million.

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. ProSafe is also a major player within the floating production market outside the North Sea.

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

Tananger 20 April 2001.


For further information please contact:

Arne Austreid President ProSafe ASA Phone no. +47 90077334
Stig Christiansen CFO ProSafe ASA Phone no. +47 90085961
Hans Hvide President Nortrans Offshore Ltd Phone no. +65 665 6200