ProSafe and Schlumberger enter into co-operation agreement for well intervention

ProSafe ASA and Schlumberger Oilfield Services have entered into a co-operation agreement for well intervention on subsea wells. ProSafe will use the semi-submersible rig MSV Regalia, and the intention is to be ready for operation during the autumn of 2001.

MSV Regalia is a modern, multi-service rig with a dynamic positioning system (DP3), and is fully equipped for deep-water operations on the Norwegian Continental Shelf. ProSafe and Schlumberger will form a joint integrated operational unit which will offer all kinds of services in relation to maintenance of a continuously increasing number of subsea wells, including cable operations, coiled tubing, sementing, pumping, well control and well testing.

Due to the unique positions the companies hold within the markets for multi-service vessels and well intervention, a co-operation between ProSafe and Schlumberger will form a competitive solution which will contribute to increase the oil companies’ production from existing subsea wells. On the Norwegian Continental Shelf only, there will soon be more than 300 subsea wells in existence. Currently, this type of work is done by semi-submersible drilling rigs.

ProSafe regards this agreement as a break-through for the company’s strategy towards developing a fleet of multi-service vessels.

Schlumberger Oilfield Services, a business segment of Schlumberger Limited (NYSE: SLB), is the leading supplier of services and technology to the international petroleum industry and operates offices, service locations and research and development facilities around the world. Schlumberger is a global leader in technological services spanning the oil & gas, utility, semiconductor, smart cards, network and Internet solution industries. Schlumberger revenue was USD 8.4 billion in 1999. Additional information is available at http://www.slb.com.

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