Prosafe Wins Bayu-Undan Contract

Prosafe Rigs Limited, a wholly owned subsidiary of Prosafe ASA, has received a Letter of Intent from Phillips Petroleum (91-12) Pty Ltd. for the provision of offshore accommodation services on the Bayu-Undan field in connection with their Gas Recycle Project. The Bayu-Undan field is located in the Timor Sea between Australia and East Timor.

The contract which will commence mid April 2003, has a fixed duration of 241 days with further option periods of 6 months. The value of the fixed contract, which will be performed by the semisubmersible offshore support vessel Safe Caledonia, is approximately US $24.1 million, including mobilization, demobilization and catering.

The traditional market for semisubmersible accommodation rigs has been concentrated in the North Sea and the Gulf of Mexico. Prosafe has a strategy of moving into new geographical areas, and the award of this contract represents an important milestone towards this goal. The next step is to further develop the company’s presence in the Australian- and Asian markets.