Total value of the extension net of local withholding tax is about USD 7.8 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. 800 people, and 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.
Stavanger, 18 September 2006
For further information please contact:
Arne Austreid, President and CEO
Phone: +47 900 77 334
Bjørn Henriksen, Exec. Vice President and CFO
Phone: +47 902 52 480
Robin Laird, President Offshore Support Services
Phone no: +65 6559 1980