Prosafe Offshore Ltd., a wholly owned subsidiary of Prosafe ASA, has received a Letter of Intent from Ocean Oil Construction and Services Ltd. for two five-year contracts for the use of the company's offshore support rigs, Jasminia and Safe Britannia, in the Gulf of Mexico. The contract for Jasminia will provide continuous employment from the present contract into early 2008. The five-year contract for Safe Britannia will commence in October 2003. Additional contract extensions to the present Safe Britannia contract term expiring 31 May 2003 are also anticipated.
The Letter of Intent has a value of approximately USD 118 million.
Prosafe and its partner Cotemar (Ocean Oil Construction and Services Ltd.) have been working jointly in Mexico since 1997.
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 2.9 billion in 2002. The company employs approx. 1,800 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.prosafe.com.
Tananger, 4 March 2003