Prosafe Awarded Contract for Safe Caledonia

Prosafe Offshore AS has been awarded a contract with Ocean Oil Construction and Services Ltd. for the use of the semisubmersible service rig Safe Caledonia in the Gulf of Mexico. The bareboat contract has a value of US $6.4 million and is expected to last approximately 176 days. In addition, the contract includes compensation for leading Prosafe personnel on board.

The new contract ends in early May 2002, and the rig will immediately thereafter be mobilized back to the North Sea and commence the contract with Statoil on the Sleipner field on July 1, 2002.