CONTRACT AWARD FOR PRODUCTION DRILLING SERVICES ON HYDRO-OPERATED INSTALLATIONS

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CONTRACT AWARD FOR PRODUCTION DRILLING SERVICES ON HYDRO-OPERATED INSTALLATIONS
27 March 2003 - Hydro Aluminium

Hydro, on behalf of the respective license groups, has awarded a contract to Prosafe Drilling Services AS for production drilling services on six of the platforms Hydro operates in the Norwegian offshore sector. The contract - during the initial period - has an estimated value of NOK 1.3 billion.

The contract entails the drilling of production wells and well-workover tasks on platforms in the Oseberg area, and on the Brage and Njord installations.

'This contract will provide a number of positive synergy effects to Hydro and its partners. Our strategy, to utilize one contractor for these fields, will optimize use of personnel, expertise, drilling equipment and facilities. This will make it possible for Hydro to operate a safe and efficient drilling campaign that ensures value creation in mature areas,' says Hydro Operations and Production head Torgeir Kydland.

Prosafe Drilling Services AS was awarded the contract after a collective evaluation of Health, Safety and Environment, technical and commercial considerations. The company is headquartered in Stavanger and has an operations office in Bergen.

The contract's initial duration is three years with extension possibilities for three two-year periods (options). The estimated total value of the initial period is NOK 1.3 billion (USD 178 million).

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