Prosafe Rigs Limited, a wholly owned subsidiary of Prosafe ASA, has been awarded a letter of intent from ConocoPhillips regarding the use of Safe Scandinavia for accommodation and support on the Britannia Satellites Phase 1 Development. This involves the UKCS Central North Sea development of the ConocoPhillips-operated Callanish and Brodgar fields which will be tied back via the installation of a new jacket and topsides platform, and bridge linked to the existing Britannia Platform. The contract periods are respectively 18 weeks in 2005 and 16 weeks in 2006.
The contract value is approximately USD 29 million.
Following this award, Prosafe has secured a fleet utilisation of approximately 89% in 2004, 77% in 2005, 66% in 2006, 62.5% in 2007 and 30% in 2008. The company maintains its positive view on the market for modern accommodation/service vessels for the coming years both in the North Sea and internationally.
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 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, 11 June 2004