ConocoPhillips Awards Prosafe Contract

ConocoPhillips 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 January 12, 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.

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