EnCana to Use Safe Caledonia on Buzzard Field

Prosafe has been awarded a contract by EnCana (U.K.) Limited for the use of the accommodation/service rig Safe Caledonia for the Buzzard Field Development on the UK Continental Shelf.

The contract has a fixed duration of five months, with start-up in the second or third quarter of 2006. The client has in addition a one-month option.

The total contract value is about US $21 million, including mobilization and demobilization.

Following this award, Prosafe has secured a fleet utilization of approximately 89% in 2004, 77% in 2005, 72% 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.