The contract, which has a duration of two years and comprises five wells, has a value of approximately NOK 30 mill.
The award of the LoI confirms that Prosafe's commitment to this growing market has been right. Drilling in underbalance is an important method for solving complex drilling problems and increasing the oil recovery from fields that already are in production. The LoI is considered a milestone, since this is the first operation that will be performed on the Norwegian Continental Shelf by use of this method. For more information on underbalanced drilling, please refer to www.prosafe.com.
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, 15 May 2003