New contracts awarded ProSafe

Ocean Oil has awarded Safe Rigs a contract for the use of Safe Regency on the Cantarell field off Mexico. The bareboat contract has a duration of 768 days and will commence 24 November 2000. Safe Regency is currently on contract with Ocean Oil until the new contract commences. The value of the new contract is NOK 240 mill.

Ocean Oil has simultaneously extended the contract for the use of Safe Jasminia on the Cantarell field by 113 days. The value of this extension is NOK 38 mill.

ProSafe regards these contract extensions as yet another confirmation of the company’s strong position in the Gulf of Mexico, where high activity is expected the following years. Further, the company regards the extension of the contract for Safe Jasminia as an important factor to secure the rig continuous employment until new needs materialise.

During the last month, ProSafe has been awarded contracts at a value in excess of NOK 1,1 billion, and regards these awards as a confirmation of the company’s strong position within its core business areas Offshore Support Services and Offshore Drilling & Related Services.

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