The contract schedule will accommodate a multi-well infill and stepout drilling programme plus a programme for well workovers and well interventions. The estimated contract value based on a three well drilling programme is GBP 7.7 million (NOK 93 million). However, it is envisaged that additional activities will require the Rubicon to remain on the Montrose platform until 2006.
The drilling operation is scheduled to commence during the fourth quarter of 2004. Pre-engineering and mobilisation activities have, however, already started.
The tender resulting in LOI has been completed with the combined resources of PDS' new Well Technology and Operation (WTO) division together with Prosafe's experienced engineering staff. Prosafe considers that this work again proves the need for a unique tool like Rubicon, and it represents an important step forward in our strategic focus on EOR related well activities. EOR activities in general are increasingly important, and this trend is expected to positively affect activity levels in the North Sea going forward.
Prosafe is the world's leading owner and operator of semi-submersible accommodation/service rigs, the largest platform drilling contractor in Norway and a major owner and operator of floating production and storage vessels outside the North Sea. Operating revenues reached NOK 2.9 billion in 2003. The company employs approx. 2000 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, 10 May 2004