extend the contract to up to 15 years. The estimated contract value of the firm period is USD 332 million.
The award is a result of Prosafe's strong track record, engineering competence and innovative solutions, and manifests the company's leading position in the FPSO market.
Prosafe is pursuing other FPSO opportunities and has engineering resources and shipyard capacity in place to ensure efficient execution of further projects.
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 profit reached USD 103.6 million in 2005. The company operates globally and employs approx. 800
people, and 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.
Stavanger, 6 October 2006
For further information please contact:
Bjørn Henriksen, Exec. Vice President and CFO
Phone: +47 902 52 480
Karl Ronny Klungtvedt,Vice President Treasury
Phone: +47 908 81 657
Hugh Parry, President Floating Production
Phone: +65 961 90 291