Prosafe will be responsible for the conversion of the FDPSO, including the moonpool arrangement, but not for provision, integration and operation of the drilling rig.
Prosafe will utilize the VLCC MT Europe and after conversion the vessel will have a storage capacity of 1.4 million barrels of oil and a process capacity of 60,000 bfpd/ 40,000 bopd. The vessel will be spread-moored at a water depth of 1,400 meters.
The contract is expected to commence in the first quarter of 2009 and has a firm period of seven years followed by four 2-year options. The estimated contract value of the firm period is USD 400 million.
The award is a result of Prosafe's strong track record, engineering competence and innovative solutions, and manifests the company's leading position in the FPSO market.
The market for FPSOs remains strong, with a good outlook also for the coming years. Prosafe is pursuing other FPSO opportunities and has engineering resources and shipyard capacity in place to ensure efficient execution of new projects.
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 about 1,000 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more general information, please go to our website www.prosafe.com.
Larnaca, 9 November 2007
For further information please contact:
Arne Austreid, President and CEO
Phone: +357 246 21 746/+357 992 75 030
Karl Ronny Klungtvedt, Exec. VP and CFO
Phone: +357 246 21 982/+357 996 88 169