Subsea Support Contract to ProSafe

The ProSafe owned multi-service vessel MSV Regalia is awarded a 165 day contract for BP West of Shetland in 2001. The contract covers subsea construction support, and ProSafe will supply the MSV Regalia including marine crew and catering services to Halliburton Subsea. Halliburton Subsea is contract partner to BP, and Halliburton Subsea will be carrying out the subsea construction work under a frame agreement between the two companies for the West of Shetland field development.

The contract is expected to commence between 1st April and 1st May 2001. Total contract value for ProSafe ASA is approximately GBP 9 million including mobilisation and demobilisation, but excluding catering services and options.

This contract is the second contract between ProSafe and Halliburton under the Participation Agreement covering subsea support work with the MSV Regalia, that was entered into earlier this year.

For ProSafe this is a successful confirmation of the companys strategy towards developing a flexible fleet of multi-service vessels.

ProSafe ASA, comprising the business areas Offshore Support Services, Offshore Drilling & Related Services and Other Business, is the largest contractor within the platform drilling segment on the Norwegian Continental Shelf, and is also the world’s leading owner and operator of semi-submersible service rigs.

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


Tananager, 2. November 2000