MSV Regalia to Åsgard for Statoil and West of Shetland for BP

Prosafe, Statoil, BP and Halliburton have today agreed to utilise the MSV Regalia on respectively Åsgard and West of Shetland in 2001 and 2002. In order to secure the joint working programme, Statoil has chosen to push back the subsea well-intervention work so that this will be undertaken by Prosafe in the spring 2003.

Total value for Prosafe is NOK 270 million.

MSV Regalia will immediately be demobilised from West of Shetland for BP and mobilised for Statoil on Åsgard. The vessel will thereafter be redelivered to BP for subsea construction work West of Shetland during April 2002. After completing this work in the autumn of 2002, the vessel will be taken to yard for upgrade to subsea well intervention.

The above arrangements secure MSV Regalia employment until the autumn 2003, only intervened by a yard stay and preparations for subsea well intervention.

Through the new contracts, Prosafe is already secured a high fleet utilisation in 2002, confirming the strength in the market for the companys services.

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- and storage 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 and the Gulf of Mexico. The company is headquartered in Stavanger, Norway. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafecorp.com.

Tananger, 1. October 2001