The contract extension confirms Prosafe's positive view that FPSOs often are likely to remain in the field beyond the original contract term. Prosafe commenced the management contract of the FPSO Al Zaafarana in October 1994. Originally, the contract duration was five years. The contract extension ensures that the vessel will stay in field for a total of at least 16 years, which is more than three times the original contract term.
Prosafe was in September and November 2005 awarded contracts for two FPSOs, for the Polvo field in Brazil and the Tui field in New Zealand. With these recent contracts, Prosafe has considerably fortified its position as one of the world's leading owners and operators of FPSOs. The company remains very optimistic about the outlook for the overall FPSO market, and expects to capitalize on a continued high activity level in the coming years.
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