MSV Regalia is expected to arrive at the Statfjord field in the course of 30th April, and will be ready for operation on 1st May. As Prosafe shall be ready for operation for Norsk Hydro at the Fram field by the end of May / beginning of June, the company aims to conduct intervention of initially 1 - 2 of the originally planned 4 wells.
The contract between Prosafe and the client covers a campaign of 4 wells, and it is therefore possible that the well intervention work can be resumed in the course of September after the work for Norsk Hydro at the Fram field has been concluded.
The effect on the second quarter result for Prosafe will depend on the number of actual days in operation, as previously announced.
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, 29 April 2003