The contract has two fixed terms: Snorre A being four months commencing second quarter 2007, and Sleipner B being approximately six months commencing in the end of the first quarter 2008. Each term has an optional one-month period.
The total value of the contract, including mobilisation and demobilisation, is approximately USD 52 million. Once again, this contract demonstrates the strong market for advanced high capacity accommodation rigs in the North Sea.
Prosafe secured an record high fleet utilisation of about 92% in 2005. Market prospects for accommodation and service rigs are positive, and the business division has already now secured a fleet utilisation of 91% in 2006, 68% in 2007 and 40% in 2008.
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 operates globally and employs approx. 650 people. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.
Tananger, 13 January 2006