Contracts with Chevron and Statoil will increase the 2002 fleet utilisation

Chevron has notified Prosafe of their intention to award a contract for the provision of accommodation services on the Alba-field on the UK Continental Shelf. The contract which will commence 15 April 2002 has a fixed duration of 91 days with further 2x5 days option periods. The value of the fixed part of the contract is approx. USD 7 million.

In addition Statoil has awarded 2 contracts for the provision of accommodation services to the Sleipner- and Statfjord-fields on the Norwegian Continental Shelf. The contracts which have fixed durations of respectively 4 and 3 months plus a further 2x1 month option periods represent a material increase in scope compared to the letter of intent announced 21 August 2001. Total contract value for the fixed periods equal USD 16.7 million. The contracts will commence respectively 1 July and 1 August 2002.

During the last two months, Prosafe has seen a material increase in demand for accommodation services in the North Sea and consequently plans to mobilise one vessel back from the Gulf of Mexico during May 2002 in order to meet this increase.

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. 1600 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 18 September 2001