The LoI has a firm period of seven months with a one-month option. The MSV Regalia will transit to the North Sea early November, after its current commitment in Angola. On site operations will commence in January 2008.
Total value of the LoI, excluding the transit from Angola and the option period, is about USD 47 mill. The LoI will ensure a high utilisation level of the vessel into the third quarter 2008, and will be the first of its kind in the emerging decommissioning market.
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 150 million in 2006. The company operates globally, employs approx. 1 000 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, 20 March 2007
For further information please contact:
Arne Austreid, President and CEO
Phone: +47 900 77 334
Bjørn Henriksen, Exec. Vice President and CFO
Phone: +47 51 64 25 30 / +47 902 52 480
Robin Laird, President Offshore Support Services
Phone: +65 6559 1980