Prosafe Wins Shell Contract Offshore Philippines

Prosafe has received a Notice of Award for a minimum nine-month contract by Shell Philippines Exploration B.V. (SPEX) using the Safe Astoria for accommodation support at the Malampaya Phase 3 Depletion Compression Project offshore Philippines.

On site operations are planned to commence within 2Q/3Q 2014. In addition, Prosafe has granted SPEX three additional one-month options.

Prosafe has provided SPEX the ability to alternatively choose a structure with 11-month firm period plus options, or 12-month firm period plus options.

Total value of the firm period will be between $58.1 million and $70.5 million depending on which alternative is selected.