Prosafe Receives LOI for Well Intervention Work

Prosafe ASA has received a letter of intent from Statoil ASA for subsea well intervention work. The work will be performed by the MSV Regalia. This award is a strategic break-through for Prosafe’s commitment to this new growth niche, subsea well intervention. Since September 2000 Prosafe has targeted to become a leading player within this market. As a consequence, Prosafe has entered into a strategic co-operation agreement with Schlumberger Oilfield Services. The contract award is a confirmation of the strength of this co-operation and also of the companies' leading positions within this market.

The first part of the contract comprises four wells on the Statfjord, Gullfaks, Asgard and Norne fields with further options for eight more wells. The contract commences 1 July 2002, and the value of the fixed part of the contract totals US $5.2 million.

The number of subsea wells is rapidly increasing, and the market for well intervention is expected to increase based on the objective of enhancing the oil production.