New contract for Safe Scandinavia

Fri Mar 25, 2011 6:56am EDT

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ConocoPhillips Skandinavia AS has awarded Prosafe a two-month contract for use of the Safe Scandinavia for accommodation support at the Eldfisk Platform in the Norwegian sector of the North Sea. On site operations are planned to commence in May 2012.

 

Furthermore, reference is made to press release dated 12 January 2011 where Prosafe announced the award of a Letter of Intent by an undisclosed client for the provision of the Safe Scandinavia accommodation and service rig at a project in the UK sector of the North Sea for a four-month period, with an additional one-month option.

 

Prosafe now advises that the contract has been signed, and that the Safe Scandinavia will offer accommodation support for ConocoPhillips at the Jasmine Development Project. The contract will start in direct continuation of the contract at Eldfisk. In addition to the existing one-month option, Prosafe has granted ConocoPhillips an additional one-month option.

 

The revised total value of the contract for this two-month firm period plus existing four-month firm period is about USD 53.3 million.

 

Prosafe is the world's leading owner and operator of semi-submersible accommodation/service rigs. Operating profit reached USD 221.1 million in 2010. The company operates globally, employs 430 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.

 

Larnaca, 25 March 2011
Prosafe SE

 

For further information, please contact:

 

Karl Ronny Klungtvedt, Chief Executive Officer
Prosafe Management AS
Phone: +47 908 81 657

 

Sven Børre Larsen, Chief Financial Officer
Prosafe Management AS
Phone: +47 909 43 673

 

Cecilie Ouff, Finance and IR Manager
Prosafe AS
Phone: +47 51 64 25 20 / +47 991 09 467

 
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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(i) the releases contained herein are protected by copyright and other applicable laws; and
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information contained therein.

Source: Prosafe SE via Thomson Reuters ONE


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