MSV Regalia Awarded Asgard Contract

Prosafe, Statoil, BP and Halliburton have agreed to utilize the MSV Regalia on respectively Asgard and West of Shetland in 2001 and 2002. In order to secure the joint working program, Statoil has chosen to push back the subsea well-intervention work so that this will be undertaken by Prosafe in the spring 2003. Total value for Prosafe is NOK 270 million.

MSV Regalia will immediately be demobilized from West of Shetland for BP and mobilized for Statoil on Åsgard. The vessel will thereafter be redelivered to BP for subsea construction work West of Shetland during April 2002. After completing this work in the autumn of 2002, the vessel will be taken to yard for upgrade to subsea well intervention.

The above arrangements secure MSV Regalia employment until the autumn 2003, only intervened by a yard stay and preparations for subsea well intervention.