New long term contract won in Mexico

Prosafe ASA has won a 365-days contract with Ocean Oil Construction and Services Ltd for use of the semi-submersible service rig Safe Lancia on the Cantarel field in Mexico. The bareboat contract has a total value of USD 12.3 million. The contract commences 1 August 2001, immediately after the expiry of the existing contract.

Safe Lancia has been on the Cantarel field since 1998. Prosafe has in addition three other rigs located in Mexico, and views this contract award as yet another confirmation of the strength of this market.

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.prosafecorp.com.

Tananger 20 July 2001


For further information, please contact:

Bjørn Henriksen
President Offshore Support Services
Phone no +47 51 64 25 40 /900 376 78