New contract for Safe Caledonia

Prosafe Offshore AS, a subsidiary of Prosafe ASA, has won a 176 days contract with Ocean Oil Construction and Services Ltd for the use of the semi-submersible service rig Safe Caledonia in the Gulf of Mexico. The bareboat contract has a value of USD 6,4 mill. In addition, the contract includes compensation for leading Prosafe personnel on board.

The new contract ends in early May 2002, and the rig will immediately thereafter be mobilised back to the North Sea and commence the contract with Statoil on the Sleipner field on 1 July 2002.

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, 28 November 2001