Strategic break-through for commitment to subsea well intervention

Prosafe ASA has received a letter of intent from Statoil ASA for subsea well intervention work. The work will be performed by the MSV Regalia. This award is a strategic break-through for Prosafes commitment to this new growth niche, subsea well intervention. Since September 2000 Prosafe has targeted to become a leading player within this market. As a consequence, Prosafe has entered into a strategic co-operation agreement with Schlumberger Oilfield Services. The contract award is a confirmation of the strength of this co-operation and also of the companies' leading positions within this market.

The first part of the contract comprises four wells on the Statfjord, Gullfaks, Åsgard and Norne fields with further options for eight more wells. The contract commences 1 July 2002, and the value of the fixed part of the contract totals USD 5,2 million.

The number of subsea wells is rapidly increasing, and the market for well intervention is expected to increase based on the objective of enhancing the oil production.

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.no.

Schlumberger Limited (NYSE: SLB) is a global technology services company consisting of two segments, Schlumberger Oilfield Services and SchlumbergerSema. Schlumberger Oilfield Services, headquartered in Paris, is the leading provider of services, solutions and technology to the international petroleum industry. SchlumbergerSema, with headquarters in New York, is a major IT services company providing information technology solutions to the telecommunications, utility, finance, transport and public sectors, and is the leading supplier of smart card technology. Schlumberger Limited acquired Sema plc in April, 2001. In 2000, Schlumberger revenue was $9.6 billion while Sema plc revenue was $2.4 billion. Schlumberger employs a total of 75,000 people in 160 countries around the world.

Tananger 30 July 2001


For further information, please contact:

Arne Austreid
President Prosafe ASA
Phone no +47 51642581

Bjørn Henriksen
President Offshore Support Services
Phone no +47 51642540

Trygve Arnesen
President Subsea Well Intervention
Phone no +47 90181966