The total contract value includes mobilisation and demobilisation, and is now increased to USD 24.6 million, compared to the originally indicated contract value of USD 18 - 21.7 million.
Prosafe maintains a positive view on the market outlook for accommodation rigs, both in the North Sea and internationally. The company notes that the market is internationalising with ongoing contracts and identified prospect in several continents, driven by traditional demand drivers and new demand drivers such as support to FPSO. Prosafe owns the world's largest and most flexible fleet of semi-submersible accommodation/service rigs for utilisation in this market. The company has already secured a fleet utilisation of respectively 82% in 2005, 82,5% in 2006, 62,5% in 2007 and 34% in 2008 exclusive options, but maintains sufficient flexibility to benefit further from the underlying strength in the market.
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 USD 470 million in 2004. The company employs approx. 1,450 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, 1 March 2005