Letter of intent for the use of the Safe Scandinavia in the North Sea

Statoil ASA has awarded Prosafe ASA a letter of intent for the provision of accomodation services on the Norwegian continental shelf. The timecharter contract, which has a duration of 6 months and further 2 x 1 month option periods, will commence 1 May 2002, and the value of the fixed part of the contract is USD 13,2 million.

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.

Tananger 21 August 2001