PRS - 1-year contract for Polyconcord in Mexico

Prosafe Offshore AS, a wholly owned subsidiary of Prosafe ASA, has received a Letter of Intent from Ocean Oil Construction and Services for the provision of offshore accommodation services to Pemex in the Gulf of Mexico.

The contract will commence on 27 May 2002 and has a fixed duration of one year. The value of the contract, which will be performed by the semi-submersible service rig Polyconcord, is approx. USD 13,3 million.

The contract confirms the strength of the Mexican market, where the authorities recently have announced an upgrading of Pemex' budget in order to ensure an increased oil and gas production over the coming years. As from May 2002, Prosafe will have five of the company's eight rigs on contract in Mexico. Mexico will remain one of several important markets for the company's semi-submersible offshore support rigs, also in the longer term.

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, 17 April 2002