New service rig contract to ProSafe in the North Sea

Safe Rigs AS, a wholly owned subsidiary of ProSafe ASA, has received a Letter of Intent for the provision of accommodation services to Phillips Petroleum Company United Kingdom Limited on the Judy field of the UK Continental Shelf.

The contract, which has a fixed duration of 42 days excluding mobilisation and demobilisation periods, will commence as of April/May 2001 and will support the modifications programme for the Judy Platform, with an option to provide the same service for the Jade Platform Hook-up and Commissioning Phase following on from the Judy Platform modifications. The value of the fixed contract, which will be performed by Polycrown, is expected to be approximately £3.0M, excluding anchor handling and catering.

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 world’s leading operator of semi-submersible service rigs, owning 6 out of 8 units world-wide. Further, the company holds leading positions within the areas of equipment for drilling fluid processes and also offshore fabrication through its subsidiaries Procon Engineering and Consafe Engineering.

The company is listed on the Oslo Stock Exchange with ticker code PRS.

Tananger 4 August 2000