Prosafe to Upgrade FPSO Espoir Ivoirien for CNR

CNR International has awarded Prosafe Production a variation order for the upgrade of the FPSO Espoir Ivoirien in order to tie-in the new West Espoir Wellhead Tower on the Espoir field in the Ivory Coast.

Total value of the variation order is approximately US $18.8 million which will be paid in installments linked to milestone achievements. The work is planned to be complete by the beginning of September 2005. Prosafe will continue to receive full dayrate throughout the entire project phase.

A major portion of the work involves doubling of the water injection capacity and modifying the gas compression capacity.

This project serves to demonstrate the quality of the FPSO Espoir Ivoirien, which was converted and subsequently put on-stream and operated by Prosafe Production for CNR in February 2002 under a 10 + 10 x 1 year contract. It serves to support the likelihood that the vessel will remain in operation on the field for the duration of its technical life, and enhances the quality of the Prosafe fleet of FPSOs further.

Prosafe is pleased with the trust received from CNR as illustrated by this upgrade project, and looks forward to a continued long-term working relationship with this important client.