PROSAFE IS AWARDED DRILLING CONTRACT ON KVITEBJØRN

Procon Drilling Services AS, a wholly owned subsidiary of ProSafe ASA, has received a letter of intent from Statoil for the drilling and maintenance on Kvitebjørn. The project phase starts immediately, whilst the offshore drilling is expected to commence medio 2003. The contract, which lasts until medio 2006, includes in addition an option period of 3 x 1 year. Total contract value is approx. MNOK 350, excl. options.

Procon Drilling Services has today similar drilling- and maintenance contracts for Statoil on Gullfaks A, B, C and also Heidrun TLP, and is the leading contractor within offshore drilling on the Norwegian Continental Shelf. ProSafe considers this contract award as yet another confirmation of the strong position that the company holds within this segment.

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. 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.

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