New contract in Mexico for Safe Britannia

Prosafe has won a 300 days contract for Ocean Oil Construction and Services Ltd for the use of the semi-submersible service rig Safe Britannia on the Cantarell field.

The bareboat contract, which has a total value of USD 20,65 million incl. compensation for leading Prosafe personnel on board, will commence 15 October 2001. This contract award demonstrates the strength of the demand for this type of rigs. The contract is the fifth service rig contract that Prosafe has won current year.

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 5 September 2001