Norsk Hydro extends the contract for the use of the Rubicon

Norsk Hydro has exercised an option for the use of the modularised drilling- and intervention rig Rubicon on Snorre TLP. The rig is owned and operated by Procon Drilling Services AS, a wholly owned subsidiary of ProSafe ASA. The option period which has a duration of 1 year as from 15 August has a value of approx. NOK 120 million, and is the first of in total 2 x 1 year option periods under this contract which includes side track drilling, completion and well intervention.

Procon Drilling Services has been engaged on Snorre TLP since 1990, and holds also the platform drilling contract on Snorre B.

ProSafe is the world's leading owner and operator of semi-submersible service rigs, the largest platform drilling contractor in Norway and a major owner and operator of floating production vessels outside the North Sea. Operating revenues reached NOK 2.5 billion in 2000. The company employs approx. 1500 people. ProSafe operates in the North Sea, South East Asia, India, Egypt, West Africa, Azerbaijan and the Gulf of Mexico and is headquartered in Stavanger, Norway.

ProSafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, check www.prosafe.no.