Organisational changes in Prosafe

Hans J. Hvide, President of Prosafe Production, has decided to resign from his position and focus on other areas outside the Prosafe group.

Bjorn Henriksen, who today holds the position as President of Prosafe Offshore, will take over the position. Other key persons and management will continue to develop the company together with the new President.

At the same time Trygve Arnesen, who today holds the position as president of Prosafe Well Intervention will also take on the position as President of Prosafe Offshore.

The changes will take place as from today.

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.