Norsk Hydro exercises options on Snorre TLP and Snorre B

Contracts, Tenders and Rates - July 19, 2002

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Prosafe Drilling Services, a wholly owned subsidiary of Prosafe ASA, has received confirmation that Norsk Hydro is exercising the first of two two-year options for platform drilling on both Snorre TLP and Snorre B. The option period lasts from 1 October2002 to 1 October 2004, and has an estimated value of NOK 290m.

Prosafe Drilling Services has been responsible for the platform drilling on Snorre TLP since 1990 and on Snorre B since 1999. In addition, the contract for the modularised drilling and workover rig Rubicon was recently extended with one year.

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