PRS - Prosafe focuses its business further

Prosafe has entered into an agreement for sale of the remaining business activities in Consafe in Scotland. The purchaser is a group of leading personnel in Consafe.

The operating results of the sold business have so far been reported under the business area "Other Business". Consequently, the business area "Other Business" will be discontinued, and the effect of the sale on the results will be neutral.

After this restructuring, Prosafe will be an even more focused company with three stategic business areas, respectively Drilling Services, Offshore Support Services and Floating Production.

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. 1800 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, 30 January 2002