The contract, which commences April 2003, has an initial firm period of three years. Prosafe's share of the fixed contract value over the initial term is in excess of 10 MUSD.
This contract will strengthen Prosafe's position in Nigeria. The scope of work is to carry out operation and maintenance work on the fixed platforms in the OPL98 field, as well as tanker handling services in connection with the offloading of crude oil to export tankers.
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 and storage vessels outside the North Sea. Operating revenues reached NOK 2.9 billion in 2002. The company employs approx. 1,800 people. Prosafe operates in the North Sea, South-East Asia, India, Egypt, West Africa and the Gulf of Mexico. The company 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.
Tananger, 25 April 2003