MSV Regalia will consequently return to the base in Bergen.
The contract between Prosafe and Statoil covers a campaign of 4 wells, and it remains our intention that the well intervention work can be resumed in the autumn.
Prosafe maintains the view that there is a growing need for subsea well intervention and a lack of available equipment. Thus, Prosafe maintains its strategy of pursuing this niche. Prosafe therefore regards this as a delay to the commencement of its well intervention activities, and plan to return to the market as soon as practically and commercially possible.
The negative effect on the 2nd quarter 2003 result for Prosafe ASA is estimated to be approx. NOK 34 million.
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 2,9 billion in 2002. The company employs approx. 1.800 people. Prosafe operates in the North Sea, Southeast 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.prosafe.com.
Tananger, 2 May 2003