PRS – Norsk Hydro exercises options on Snorre TLP and Snorre B

Stavanger, NORWAY


Prosafe Drilling Services, a wholly owned subsidiary of Prosafe ASA, has received confirmation that Norsk Hydro exercises the first of two 2-year options for platform drilling on both Snorre TLP and Snorre B. The option period lasts from 1 October 2002 to 1 October 2004, and has an estimated value of NOK 290m.
 
Prosafe Drilling Services has been responsible for the platform drilling on Snorre TLP since 1990 and on Snorre B since 1999. In addition, the contract for the modularised drilling and workover rig Rubicon was recently extended with one year.
Prosafe views this as yet another confirmation of the strong position the company holds within the platform drilling segment on the Norwegian Continental Shelf.
 
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. 1700 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, 8 July 2002