Prosafe announces that unforeseen challenges to the subsea equipment from one of its subcontractors have occurred. Consequently, Prosafe has not been able to commence the planned subsea well intervention campaign. Prosafe emphasises that the challenges are unrelated to MSV Regalia, which was upgraded according to plan, as previously announced.
MSV Regalia
remains in Onarheimfjorden where continuos work and testing are ongoing.
The effect on the second quarter result will depend on when the company may commence operation, the time available for subsea well intervention before the rig must be prepared for the Fram contract for Norsk Hydro, and the financial outcome that Prosafe may agree with its subcontractor and customer.
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, SouthEast 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, 14 April 2003
For further information, please contact:
Arne Austreid
President and CEO Prosafe ASA
Telephone: +47 900 77 334
Stig Christiansen
CFO Prosafe ASA
Telephone: +47 900 85 961
Trygve Arnesen
President Offshore Support Services
Telephone: +47 901 81 966