ConocoPhillips Awards LOI to Prosafe for Safe Scandinavia

Prosafe has been awarded a letter of intent from ConocoPhillips regarding the use of Safe Scandinavia for accommodation and support on the Britannia Satellites Phase 1 Development.

This involves the UKCS Central North Sea development of the ConocoPhillips-operated Callanish and Brodgar fields which will be tied back via the installation of a new jacket and topsides platform, and bridge linked to the existing Britannia Platform.

The contract value is approximately US $ million.

Following this award, Prosafe has secured a fleet utilization of approximately 89% in 2004, 77% in 2005, 66% in 2006, 62.5% in 2007 and 30% in 2008. The company maintains its positive view on the market for modern accommodation/service vessels for the coming years both in the North Sea and internationally.