Safe Scandinavia Heading to UK North Sea

Prosafe said that it has been awarded a Letter of Intent (LoI) by an undisclosed client for the provision of the Safe Scandinavia accommodation rig at a facility in the British sector of the North Sea for a firm period of four months with an option to the end of February 2008. On site operations will commence early October 2007. (15 Jan 2007)

The total value of the LoI, excluding the option period, is about US$24 million. The LoI will ensure a utilization level of approximately 90 percent for the vessel in 2007. If the option period is exercised, the vessel will be continuously employed through the third quarter of 2008.

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