The contract has a fixed duration of five months, with start-up in the second or third quarter of 2006. The client has in addition a one-month option.
The total contract value is about USD 21 million, including mobilisation and demobilisation.
Following this award, Prosafe has secured a fleet utilisation of approximately 89% in 2004, 77% in 2005, 72% in 2006, 62.5% in 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 approximately 2 000 persons. 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, 21 June 2004