4 years extension for the FPSO Al Zaafarana

Prosafe Production, a subsidiary of Prosafe ASA, has received an extension of the operating contract for the FPSO Al Zaafarana from Zaafarana Oil Company. The extension period is 4 years effective as from 1 November 2001.

Total contract value is USD 13,9 mill.

Al Zaafarana is a 120,000 dwt tanker that was converted to an FPSO by Prosafe Production (previously Nortrans Offshore Ltd) in 1994 and sold to Zaafarana Oil Company in November that same year. FPSO Al Zaafarana is operating on the Zaafarana field in the Gulf of Suez and has a storage capacity of 800,000 bbls. The FPSO is also fitted with a Prosafe Production patented bow mounted turret-mooring system.

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, 9 November 2001

For further information, please contact:

Arne Austreid
President Prosafe ASA
Telephone : +47 900 77 334

Stig Christiansen
CFO Prosafe ASA
Telephone : +47 900 85 961

Bjørn Henriksen
President Prosafe Production
Telephone: +65 665 6200