As part of the agreement the water treatment capacity on FPSO Petróleo Nautipa will be increased at the expense of the Etame partners. Also, the field operator will be entitled to increase oil production beyond the current contractual capacity of the FPSO against the introduction of a new tariff element in the compensation structure. The Etame partners have an option to terminate the contract if drydocking of Petróleo Nautipa is required in 2012.
Total EBITDA-contribution from the tariff element in the compensation structure and the additional 4 years to 2015 is estimated to USD 40 million.
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 and employs approx. 1,000 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, Cyprus, 17 October 2007
Prosafe SE
For further information please contact:
Arne Austreid, President and CEO
Phone: +357 992 75 030
Karl Ronny Klungvedt, Exec. Vice President and CFO
Phone: +357 996 88 169