Prosafe Awarded Contracts from both Chevron and Statoil

Chevron has notified Prosafe of their intention to award a contract for the provision of accommodation services on the Alba-field on the UK Continental Shelf. The contract which will commence April 15, 2002 has a fixed duration of 91 days with further 2x5 days option periods. The value of the fixed part of the contract is approx. US $7 million.

In addition Statoil has awarded two contracts for the provision of accommodation services to the Sleipner- and Statfjord-fields on the Norwegian Continental Shelf. The contracts which have fixed durations of respectively 4 and 3 months plus a further 2x1 month option periods represent a material increase in scope compared to the letter of intent announced August 21, 2001. Total contract value for the fixed periods equal US $16.7 million. The contracts will commence respectively July 1st and August 1, 2002.

During the last two months, Prosafe has seen a material increase in demand for accommodation services in the North Sea and consequently plans to mobilize one vessel back from the Gulf of Mexico during May 2002 in order to meet this increase.