NEW 14 MONTHS CONTRACT FOR SAFE LANCIA IN MEXICO

Ocean Oil Construction & Services Ltd. has awarded ProSafe a bareboat contract for the use of Safe Lancia for a period of 14 months as from the expiration of its existing contract on 1 June 2000. The rig will be used in connection with work on the Cantarell-field in the Gulf of Mexico.

The contract, which has an estimated value of more than USD 14 mill, is a further confirmation of the strength of the Mexican market in which ProSafe as from the autumn of 2000 will have a minimum of 4 rigs employed.

This contract, which forms the basis for 100% fleet utilisation throughout the summer and major parts of the autumn of 2000, gives the company a good basis for a high fleet utilisation also in 2001.

ProSafe ASA, comprising the business areas Offshore Support Services, Offshore Drilling & Related Services and Technology & Engineering, is the largest contractor within the platform drilling segment on the Norwegian Continental Shelf and also the worlds leading operator of accommodation/service rigs, owning 6 out of 8 units world-wide. The company holds further leading positions within the areas of equipment for drilling fluid processes and also offshore fabrication through its subsidiaries Procon Engineering AS and Consafe Engineering. The company is listed on the Oslo Stock Exchange with ticker code PRS.

Tananger 25 May 2000