New long-term contract awarded ProSafe in the Gulf of Mexico

Jasminia has been engaged on the Cantarel-field since 1998, and this contract secures the rig utilisation in this area until medio November 2002. In addition to this rig, ProSafe currently have the service rigs Safe Regency and Safe Lancia contracted in the Gulf of Mexico, and at year end the Safe Caledonia will also arrive at the field.

At the beginning of 2001, ProSafe will thus have 4 service rigs located in this area with a total contract portfolio of 62 months. The MSV Regalia, the Safe Britannia and the Safe Scandinavia (formerly Polycrown) are retained in the North Sea awaiting new jobs in 2001 within the subsea and accommodation market in this region.

ProSafe ASA is the world’s leading owner and operator of semi-submersible service rigs. The company is also the largest platform drilling contractor and supplier of drilling fluid systems on the Norwegian Continental Shelf. As at 30 September 2000 ProSafe had total revenues of MNOK 1.626 and an operating profit of MNOK 458. The company employs approx. 1.300 people.

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


Tananger 5 December 2000