New service rig contract in 2003

Prosafe Offshore AS, a wholly owned subsidiary of Prosafe ASA, has received a Letter of Intent for provision of accommodation services to Statoil on the Gullfaks field on the Norwegian Continental Shelf.

The contract, which has a fixed duration of 15 days and an option period of 7 days, will commence in early April 2003. The value of the fixed contract, which will be performed by the Safe Scandinavia, is approx. NOK 22m incl. mobilisation and demobilisation.

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 2,4 billion in 2001. 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, 12 February 2002