Prosafe Receives Contract Extension on Heidrun

Prosafe ASA has received confirmation that Statoil will exercise the first of three one-year options for platform drilling on Heidrun. The option period lasts from June 1, 2002 to May 31, 2003, and has an estimated value of about MNOK 100. Two additional one-year option periods remain.

Prosafe Drilling Services has been engaged on Heidrun for Statoil since 1996, after first having accomplished a project and planning phase since the contract was awarded in 1994. 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.