Prosafe Production, a wholly owned subsidiary of Prosafe ASA, has received a Letter of Award for the provision of an FPSO for the Abo field offshore Nigeria. The Letter of Award is subject to approval by NAPIMS.
Agip operates the field with Shell and NAPIMS as partners. Prosafe, who will apply the Suezmax Grey Warrior, will convert, operate and own the unit on a 100% basis. The Grey Warrior is the sister ship of Espoir Ivorien, and project execution will build on past experience for conversion of this type of ships.
The Abo contract has a fixed term of 8 years with 2 x 1-year options. The value of the fixed part of the contract is approximately USD 220 million.
Abo represents a strategic break-through for Prosafe in the FPSO industry. The field is located in deep waters of around 550 meters offshore Nigeria. Nigeria is one of the most important markets for future deep-water FPSO developments. Further, the contract introduces Prosafe to new and important clients in the FPSO segment - Agip and Shell.
The FPSO for the Abo field will be the seventh unit in the Prosafe operated fleet of FPSO/FSO's.
Prosafe is the world's leading owner and operator of semi-submersible service rigs, the largest platform-drilling contractor in Norway and a major owner and operator of floating production vessels outside the North Sea. Operating revenues reached NOK 2.5 billion in 2000. The company employs approx. 1800 people. Prosafe operates in the North Sea, South East Asia, India, Egypt, West Africa and the Gulf of Mexico and is headquartered in Stavanger, Norway. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. More information on www.prosafecorp.com.
Tananger, 4th January 2002
For further information, please contact:
Arne Austreid
President Prosafe ASA
Phone no +47 51 64 25 81/+47 900 77 334
Stig Christiansen
CFO Prosafe ASA
Phone no +47 51 64 25 30/+47 900 85 961
Bjørn Henriksen
President Floating Production
Phone no +47 51 64 25 40/+47 900 376 78