Prosafe Awarded Extension Option on Gullfaks

Prosafe Drilling Services AS has received confirmation that Statoil exercises the first of three 1-year options for platform drilling on Gullfaks. The option period lasts from April 1, 2002 to April 1, 2003, and has an estimated value of about NOK 200 million. Further 2 x 1 year option periods remains.

Prosafe Drilling Services has performed platform drilling and related services on Gullfaks continuously since 1986, after first having accomplished a project and planning phase since the contract was awarded in 1983. Prosafe views this option exercise as yet another confirmation of the strong position the company holds within the platform drilling segment on the Norwegian Continental Shelf.