This contract extension is the third of four possible 30-day extensions available to SNEPCO under its existing contract for the use of the Safe Caledonia. The remaining option must be declared three months in advance.
The extension takes the ongoing contract through to 3 October 2005.
Prosafe has now secured a fleet utilisation of about 88% in 2005. Long-term market prospects for accommodation and service rigs are also positive, and the business division has already now secured a fleet utilisation of 82.5% in 2006, 62.5% in 2007 and 34% in 2008.
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 470 million in 2004. The company employs approx. 1,450 people. 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, 14 June 2005