Sakhalin Energy Investment Axes Safe Astoria Contract


Safe Astoria
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Sakhalin Energy Investment Company Ltd has convenience terminated the remaining contract duration for the use of the Safe Astoria
accommodation support rig offshore Sakhalin Island in the Russian Federation. Sakhalin Energy had originally contracted the Safe Astoria for a period of around two years from December 2007.

Following the notice of convenience termination, Sakhalin Energy will have to pay Prosafe 85% of the remaining contract value. The convenience termination amount will be around US $21 million. Together with reduced operating costs, the convenience termination fee ensures that Prosafe will incur very little financial impact from the termination. The convenience termination fee shall be reduced on a pro-rata basis by dayrate earnings from alternative employment of the Safe Astoria solely within the terminated contractual period.
 

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