Total value of the variation order is approximately USD 18.8 million which will be paid in instalments linked to milestone achievements. The work is planned to be complete by the beginning of September 2005. Prosafe will continue to receive full dayrate throughout the entire project phase.
A major portion of the work involves doubling of the water injection capacity and modifying the gas compression capacity.
This project serves to demonstrate the quality of the FPSO Espoir Ivoirien, which was converted and subsequently put on-stream and operated by Prosafe Production for CNR in February 2002 under a 10 + 10 x 1 year contract. It serves to support the likelihood that the vessel will remain in operation on the field for the duration of its technical life, and enhances the quality of the Prosafe fleet of FPSOs further.
Prosafe is pleased with the trust received from CNR as illustrated by this upgrade project, and looks forward to a continued long-term working relationship with this important client.
Prosafe is the worlds 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 approximately 2 000 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, 7 June 2004