Shell Extends Safe Caledonia Contract mid-March 2006

Prosafe has been awarded an 19-week extension variation to the existing contract by SNEPCO (Shell Nigeria Exploration & Production Company) for the use of Safe Caledonia for dynamic positioning hook-up/construction support to the FPSO Bonga in Nigeria.

The variation extends the existing contract from November 3, 2005 through March 15, 2006. In addition to the 19 weeks, 4 x 1 week options are available to SNEPCO depending upon the start-up date of the Safe Caledonia's existing commitment at the Nexen Buzzard Project in 2006.

The total contract value for the extension variation period is about US $9.9 million.

Prosafe has now secured a fleet utilization of about 90% 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 about 85% in 2006, 62.5% in 2007 and 34% in 2008.

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