The contracts have the following durations: 5 years for Safe Regency, 4.3 years for Safe Britannia, 3 years for Safe Hibernia, 1.3 years for Safe Lancia and 1 year for Jasminia. In addition, the contract for the Safe Concordia has been extended by six months against an unchanged dayrate.
Compared to the previous contracts, the total average bareboat dayrates have been increased with 103 per cent. Total value of the bareboat contracts, including the Safe Concordia extension, is USD 392 million.
The award of these contracts confirms the strong market for accommodation/service rigs and the trend of steadily increasing dayrates, and enhances Prosafe's position as the leading provider of advanced accommodation/service rigs. Based on the combination of increased demand for its services and high dayrates, the company foresees a solid increase in earnings in the years to come.
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. Operating profit reached USD 150 million in 2006. The company operates globally, employs approx. 1,400 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.
Larnaca, 12 February 2008
Prosafe SE
For further information please contact:
Sven Børre Larsen
Phone no.: +357 2462 5445 / +65 9657 2590
Robin Laird, President Offshore Support Services
Phone no: +65 6559 1980 / +65 8127 2101