Contract extension for Safe Scandinavia

Tananger, 27 February 2006, ConocoPhillips (U.K.) Limited has extended the previously awarded 16-week firm period for the Safe Scandinavia at the Britannia Platform to a fixed period commencing approx. mid-August 2006 up to and including 20 January 2007. The contract can be extended with a further two 8-day options. (27 Feb 2006)

This extension results in an increase in the contract value by between USD 4.1 million and USD 6.7 million.

Prosafe has secured a rig utilisation of about 93% in 2006. Long-term market prospects for accommodation and service rigs are positive, and the business division has already now secured a fleet utilisation of 69% in 2007 and 40% in 2008.

Prosafe ASA

Prosafe is the world´s leading owner and operator of semi-submersible service rigs and a major owner and operator of floating production and storage vessels outside the North Sea.

Operating revenues reached USD 470 million in 2004. Prosafe operates in the North Sea, South-East Asia, India, Egypt, West Africa and the Gulf of Mexico, and employs approx. 600 persons.

The company is headquartered in Stavanger, Norway, and is listed on the Oslo Stock Exchange with ticker code PRS.

Contact Information

Arne Austreid

President and CEO

Prosafe ASA

Contact via E-mail