PRS - Shearwater contract extended

ProSafe’s contract for the provision of accommodation services to Shell UK Exploration and Production on the Shearwater field of the UK Continental shelf has been extended by 60 days.

The amended contract, which has a duration of 119 days (excluding three 7 day option periods) will commence on 26 April 2000. Total value of the contracted firm hire period is expected to be in the range of £ 5.1 m to £ 5.6 m depending upon Shell’s bed utilisation in the latter part of the firm hire period.

The original contract covered a firm hire period of 59 days with six 7 day option periods. Total value of the original contracted firm hire period was expected to be approximately £ 2.4 m.

ProSafe ASA, an integrated offshore supplier, is the largest contractor within the platform drilling segment on the Norwegian Continental Shelf, and is also the worlds leading operator of accommodation / service rigs owning 6 out of 8 units world-wide. The company has further substantial engineering and fabrication resources through the subsidiary companies Proon Engineering AS and Consafe Engineering Ltd. The company is listed on the Oslo Stock Exchange with ticker code PRS.

Shell U.K. Exploration and Production operates in the U.K. sector of the North Sea on behalf of Shell and Esso. Shearwater is a gas and gas condensate field which is being developed by Shell U.K. Exploration and Production on behalf of Co-Venturers Shell U.K., Esso Exploration and Production, ARCO British, Superior Oil and Canadian Superior Oil.


Tananger, 25 April 2000