Total Exercises Options for MSV Regalia on Girassol

Prosafe has been given notice that Total E&P Angola, as the Operator of Block 17 offshore Angola, has exercised the last two of the available 5 x 1 month options for the use of MSV Regalia in relation to the modification of the Girassol FPSO. As a result, MSV Regalia will now be on Girassol until the end of May 2007. Total value of the extension net of local withholding tax is about US $7.8 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.

Sociedade Nacional de Combustiveis de Angola (Sonangol) is the Concessionaire of Block 17. Total E&P Angola's coventurers are Esso Exploration Angola (Block 17) Ltd., BP Exploration (Angola) Ltd., Statoil Angola Block 17 AS and Norsk Hydro Dezassete AS.

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