ProSafe and Schlumberger proceed into the subsea well intervention market

Based on the positive feedback from customers towards the company's subsea well intervention concept, the Board of ProSafe ASA has made a decision to invest in the region of USD 25 million in the MSV Regalia over the next 9-12 months in order for the company to become a leading supplier in the growing subsea well intervention market. The investment will be funded from the company's balance sheet.

ProSafe announced in September 2000 that the company had entered into a co-operation agreement for well intervention on subsea wells with Schlumberger Oilfield Services. 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.

MSV Regalia is a modern, multi-service rig with a dynamic positioning system (DP3), and is fully equipped for deep-water operations in the North Sea. ProSafe and Schlumberger will form a joint integrated operational unit which will offer a full range 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. Schlumberger will design and build the well control and subsea intervention equipment.

The move supports ProSafe strategy towards developing a fleet of multi-service vessels that can bring the company into leading positions in new and attractive growth segments in the global oil and gas industry.

ProSafe ASA is a leading Norwegian offshore service company with head office in Tananger. The company comprise three strategic business areas, respectively Offshore Support Services operated from Aberdeen, Offshore Drilling & Related Services operated from Bergen, and Floating Production (Nortrans) operated from Singapore. ProSafe is the world's leading owner and operator of semi-submersible service rigs, the largest platform drilling contractor on the Norwegian Continental Shelf, and holds a leading position in the floating production market outside the North Sea. Additional information is available at www.prosafe.no.

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 technical services spanning the oil and gas, utility, semiconductor, smart card, network and Internet solutions industries. Schlumberger revenues was $9.61 billion in 2000. Additional information is available at www.sbl.com.

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

Tananger 8 June 2001


For further information, please contact:

Prosafe
Arne Austreid, President ProSafe ASA,
Phone no +47 900 77 334

Trygve Arnesen, President ProSafe Well Intervention,
Phone no +47 901 81 966

Bjørn Henriksen, President Offshore Support Services,
Phone no +47 900 37 678

Stig Christiansen, CFO ProSafe ASA,
Phone no +47 900 85 961

Schlumberger
Kjell-Erik Ostdahl, Vice President and GM Schulmberger Scandinavia,
Phone no +47 51 946000

Alan Christie, Global Light Well Intervention Mananger,
Phone no +1 713 715 2108