The contract extension confirms Prosafe's positive view that high quality units are likely to remain in the field beyond the original contract term. FSO Endeavor went on charter in July 1997 for a fixed three-year period with four yearly options. The new contract ensures that the vessel may end up staying in field for at least 10-12 years, which is more than three times the original contract term.
The contract value for the three-year period is approximately USD 11 mill.
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 NOK 2.9 billion in 2002. The company employs approx. 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, 20 July 2004