Letter of Award for Safe Scandinavia and MSV Regalia

Prosafe has been awarded a Letter of Award (LoA) by BP Norge AS for the provision of the Safe Scandinavia and thereafter the MSV Regalia accommodation support rigs at the Valhall offshore facility in the Norwegian sector of the North Sea.

The firm duration of the contract linked to the LoA commencing mid-November 2008 is two years with a six-month option.

Total value of the contract linked to the LoA, excluding the option period, is about U.S. $166 million. The option period, if exercised, has a value of about U.S. $44 million.

Prosafe is the world's leading owner and operator of semi-submersible service rigs and a major owner and operator of floating production and storage vessels. Operating profit reached U.S. $150 million in 2006. The company operates globally and employs approx. 1,400 people, and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS.

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