Safe Scandinavia Awarded Contract Offshore Tunisia

Prosafe has been awarded a letter of intent by Bechtel Overseas Corporation for the semi-submersible accommodation/service rig Safe Scandinavia to support the Miskar Compression Project offshore Tunisia.

British Gas Tunisia Limited is the operator of the Miskar platform.

This contract is regarded important by Prosafe as it opens a new geographical area and secures work during the winter season, when the rig historically has been idle. This contract takes the secured utilization of the Safe Scandinavia in 2005 from 35% to 56%.

The contract offshore Tunisia will have a duration of 80 days excluding mobilization and demobilization of about 21 days each way between the North Sea and the location offshore Tunisia. Planned contract commencement at the field is around January 21, 2005.

The contract value is approximately US $7 million inclusive of a total dayrate compensation for an estimated 42 days of combined mobilization and demobilization of US $1.7 million.

Following this award, Prosafe has already now secured a fleet utilization of approximately 82% in 2005, 82.5% in 2006, 62.5% in 2007 and 34% in 2008 compared to a historic high of 87% in 2004. 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.