Prosafe Awarded Contract Extension for Safe Scandinavia

Prosafe has been awarded a four-week contract extension for the use of Safe Scandinavia for accommodation and support on the Britannia Satellites Phase 1 Development for ConocoPhillips.

The extended contract period is from September 17th until October 14th 2005, and the estimated contract extension value is about US $3 million.

Prosafe has now secured a fleet utilization of approximately 91% in 2005, which is the highest rate ever in the company's history. 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 86% in 2006, 62.5% in 2007 and 34% in 2008.

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