Norsk Hydro Produksjon a.s has today awarded Prosafe Drilling Services AS, a wholly owned subsidiary of Prosafe ASA, the contract for production drilling and related maintenance services on the fixed platforms Oseberg B, Oseberg C, Oseberg South, Oseberg East, Njord and Brage.
The contract has a duration of three years, with additional 3 x 2-years options. The value of the fixed part of the contract is approximately NOK 1,3 billion. If the options are being exercised, the total contract value is estimated to ca. NOK 4 billion. The contract will commence mid-June 2003.
Prosafe Drilling Services AS has been responsible for platform drilling on Oseberg C, Oseberg South and Oseberg East for Norsk Hydro Produksjon a.s since the project start in 1997.
This contract award confirms Prosafe Drilling Services' leading position in the market segment for production drilling from fixed installations in Norway. The contract secures more than 400 jobs, and forms the basis for good and steady operations within the company's core business in the years ahead.
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, 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.prosafe.com.
Tananger, 27 March 2003