The variation extends the existing contract from 3 November 2005 through 15 March 2006. In addition to the 19 weeks, 4 x 1 week options are available to SNEPCO depending upon the start-up date of the Safe Caledonia's existing commitment at the Nexen Buzzard Project in 2006.
The total contract value for the extension variation period is about USD 9.9 million.
Prosafe has now secured a fleet utilisation of about 90% 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 about 85% 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, 19 July 2005