Total Extends Contract for Safe Caledonia for One Year

Prosafe has received an amendment to the letter of award from Total E&P UK PLC (TEPUK) and ELF EXPLORATION UK PLC (EEUK) for the provision of Safe Caledonia to support its operations in the British sector of the North Sea. Operations are expected to commence February 2007.

By the amendment, the firm period has been extended from one year to two years. The value of the two-year firm period, including mobilization and demobilization, is approximately US $104 million. In addition, Prosafe has granted a one-year option with a value of minimum US $55 million.

Long-term market prospects for accommodation and service rigs are positive, and Prosafe is, through the acquisition of Consafe Offshore, expanding capacity to serve the increasing demand.


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