The letter of intent, which is awarded nearly one year in advance of expected commencement, shows the strength in the market for accommodation/service rigs. The contract, which is a floater-to-floater DP assignment, will be the fourth contract of this kind for Prosafe. This illustrates the quality of the company's rig fleet and the comparative advantage of a modern fleet where five of the company's eight vessels are equipped with different DP capabilities for use in diverse geographical areas.
Following this award, Prosafe has secured a fleet utilisation of approximately 89% in 2004, 73% in 2005, 62.5% in 2006 and 2007, and 30% in 2008.
The company maintains its positive view on the market for modern accommodation/service vessels for the coming years both in the North Sea and internationally.
Prosafe is the world's leading owner and operator of semi-submersible accommodation/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 NOK 2.9 billion in 2003. The company employs approx. 2000 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