Extension of Safe Lancia contrac

Stavanger, NORWAY

The contract between Prosafe and Ocean Oil Construction and Services in Mexico for Safe Lancia has been extended with 72 days. The contract has a value of USD 2,4 mill. and commences 1 August 2002 through to the new tenders which are expected in the fourth quarter of 2002.
The extension of the contract confirms the demand for this type of rigs in Mexico.
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, 31 July 2002