Prosafe Rigs Limited, a wholly owned subsidiary of Prosafe ASA, has received a Letter of Intent from Phillips Petroleum (91-12) Pty Ltd. for the provision of offshore accommodation services on the Bayu-Undan field in connection with their Gas Recycle Project. The Bayu-Undan field is located in the Timor Sea between Australia and East Timor.
The contract which will commence mid April 2003, has a fixed duration of 241 days with further option periods of 6 months. The value of the fixed contract, which will be performed by the semi-submersible offshore support vessel Safe Caledonia, is approx. USD 24,1 million, incl. mobilisation, demobilisation and catering.
The traditional market for semi-submersible accommodation rigs has been concentrated in the North Sea and the Gulf of Mexico. Prosafe has a strategy of moving into new geographical areas, and the award of this contract represents an important milestone towards this goal. The next step is to further develop our presence in the Australian- and Asian markets.
Prosafe is the world's leading owner and operator of semi-submersible 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 2,4 billion in 2001. The company employs approx. 1600 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.prosafecorp.com.
Tananger, 10 April 2002