This contract is regarded important by Prosafe as it opens a new geographical area and secures work during the winter season, when the rig historically has been idle. This contract takes the secured utilisation of the Safe Scandinavia in 2005 from 35% to 56%.
The contract offshore Tunisia will have a duration of 80 days excluding mobilisation and demobilisation of about 21 days each way between the North Sea and the location offshore Tunisia. Planned contract commencement at the field is around 21 January 2005.
The contract value is approximately USD 7 million inclusive of a total dayrate compensation for an estimated 42 days of combined mobilisation and demobilisation of USD 1.7 million.
Following this award, Prosafe has already now secured a fleet utilisation of approximately 82% in 2005, 82.5% in 2006, 62.5% in 2007 and 34% in 2008 compared to a historic high of 87% in 2004. The company maintains its positive view on the market for modern accommodation/service vessels for the coming years both in the North Sea and internationally.
Prosafe is the world's leading owner and operator of semi-submersible service rigs, a leading platform drilling contractor in Norway and a major owner and operator of floating production and storage vessels outside the North Sea. Operating revenues reached USD 413 million in 2003. The company has approx. 1,400 employees. Prosafe operates in the North Sea, South East Asia, India, Egypt, West Africa and the Gulf of Mexico. The company is headquartered in Stavanger, Norway. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.
Tananger, 3 January 2005