Devon Energy do Brasil Ltda is the operator of the field on behalf of the Brazilian subsidiaries of Devon Energy Corporation (60%) and SK Corporation of Korea (40%).
Prosafe will apply the VLCC M/T Apollo, and will convert and operate the unit on a wholly owned basis. The vessel will be turret-moored at a water depth of 100 meters using Prosafe's own turret/swivel technology The field is located in the Campos Basin, and production is expected to start mid 2007.
The Polvo contract represents an important milestone for Prosafe. It marks the entry into a new geographical region and increases the company's client base. Brazil is one of the most important markets for future FPSO developments.
Prosafe remains very optimistic on the outlook for the FPSO market. The company currently holds a purchase option for a suezmax tanker for future FPSO 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 outside the North Sea. Operating revenues reached USD 470 million in 2004. The company has approx. 600 employees. 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, 26 September 2005