This contract extension is the third of four possible 30-day extensions available to SNEPCO under its existing contract for the use of the Safe Caledonia. The remaining option must be declared three months in advance.
The extension takes the ongoing contract through to 3 October 2005. Prosafe has now secured a fleet utilization of about 88% in 2005. Long-term market prospects for accommodation and service rigs are also positive, and the business division has already now secured a fleet utilization of 82.5% in 2006, 62.5% in 2007 and 34% in 2008.
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