Total value of the extension net of local withholding tax is USD 11.5 mill.
Long-term market prospects for accommodation and service rigs are positive, and Prosafe is, through the acquisition of Consafe Offshore, expanding capacity to serve the increasing demand.
Sociedade Nacional de Combustíveis de Angola (Sonangol) is the Concessionaire of Block 17. Total E&P Angola's coventurers are Esso Exploration Angola (Block 17) Ltd., BP Exploration (Angola) Ltd., Statoil Angola Block 17 AS and Norsk Hydro Dezassete AS.
Prosafe is the world's leading owner and operator of semi-submersible service rigs and a major owner and operator of floating production and storage vessels outside the North Sea. Operating profit reached USD 103.6 million in 2005. The company operates globally and employs approx. 700 people. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.
Stavanger, 5 July 2006
For more information, please contact:
Karl Ronny Klungtvedt, VP Finance and Treasury, Prosafe ASA
Phone no: +47 51 64 25 40 / +47 908 81 657
Robin Laird, President Offshore Support Services
Phone no: +65 6559 1980