Consafe Offshore Confirms Sakhalin Flotel Award

Samsung Sakhalin LLC has awarded Consafe Offshore AB a contract for the provision of an accommodation and service vessel to support the offshore hook up and commissioning of the Sakhalin Phase II project. The contract was signed on the 23 rd February in South Korea with a contract value of USD 28 million.

The Sakhalin II project includes the development of two offshore fields known as the Pilthun - Astokhskoye and Lunskoye fields in the Sea of Okhotsk, east of Sakhalin. The Piltun -Astokhskoye field will produce oil and gas, while the Lunskoye field is predominantly a gas and condensate reservoir.

Safe Bristolia is the nominated accommodation vessel for the work and is currently undergoing conversion and upgrading at the Yantai Raffles Shipyard in China. The conversion of Safe Bristolia will be completed at the end of 2005 and will then be able to accommodate 550 persons and meet all the latest standards and HSE requirements. In addition Safe Bristolia will be outfitted with construction support facilities such as large crane capacity, a large unobstructed deck area for storage and ample work shops.

The work offshore Sakhalin will commence in the spring of 2006 with a charter period of approximately 6 months. Samsung Sakhalin LLC has the option to extend the charter for further work in 2007.