Norsk Hydro has exercised an option for the use of the modularised drilling- and intervention rig Rubicon on Snorre TLP. The rig is owned and operated by Prosafe Drilling Services AS, a wholly owned subsidiary of Prosafe ASA. The option period, which has a duration of 1 year as from 15 August 2002, has a value of approximately NOK 120 million. The contract includes side track drilling, completion and well intervention.
Prosafe Drilling Services has been responsible for the platform drilling on Snorre TLP since 1990, and Rubicon has been engaged on Snorre TLP since August 2000. Prosafe holds also the platform drilling contract on Snorre B.
Prosafe is the world’s leading owner and operator of semi-submersible service rigs, the largest platform drilling contractor in Norway and a major owner and operator of floating production and storage vessels outside the North Sea. Operating revenues reached NOK 2,4 billion in 2001. The company employs approx. 1700 people. Prosafe operates in the North Sea, South-East Asia, India, Egypt, West Africa and the Gulf of Mexico. The company is headquartered in Stavanger, Norway. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafecorp.com.
Tananger, 10 June 2002