Extension of flotel contract on Shearwater

Safe Rigs Ltd, a wholly owned subsidiary of ProSafe ASA, has had their contract for the provision of accommodation services to Shell U.K. Exploration and Production on the Shearwater field of the UK Continental shelf further extended by 39 days through to the end of September 2000.

The value of this extension is expected to be in the range of GBP 1.1m to GBP 1.9m depending upon Shell’s bed utilisation during this period.

This further extension means that the total contract value is expected to be in the range of GBP 6.8m to GBP 7.6m from contract commencement on 26 April 2000.

Currently, ProSafe experiences a 100% fleet utilisation having 3 rigs on contract in Mexico and 4 rigs on contract in the North Sea.

ProSafe ASA, comprising the business areas of 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. The company is listed on the Oslo Stock Exchange with ticker code PRS.

Shell U.K. Exploration and Production operates in the UK 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 22 August 2000