During the first year of the extension, Prosafe will carry out certain upgrades to the vessel. The upgrades will enable FSO Endeavor to stay in the field for an extended period.
Prosafe commenced the contract, which originally had a duration of three years, in July 1997. The contract extension ensures that the vessel will stay in field for a total of at least 12 years, which is four times the original contract term.
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 and 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, 12 July 2007
For further information, please contact:
Karl Ronny Klungtvedt, Exec. Vice President and CFO
Phone: +47 51 64 25 40 / +47 908 81 657