Prosafe Wins Extension for MSV Regalia at Visund

Prosafe informs that MSV Regalia has started the contract at the Visund field for Statoil on February 20, 2005.

Further, Prosafe informs that the contract has been extended and that the rig now will be employed at the Visund field until September 3, 2005. This implies 195 days with continuous operation (approx. six and a half month), in comparison with the originally indicated contract duration of 142 – 172 days.

The total contract value includes mobilization and demobilization, and is now increased to USD 24.6 million, compared to the originally indicated contract value of USD 18 – 21.7 million.

Prosafe maintains a positive view on the market outlook for accommodation rigs, both in the North Sea and internationally. The company notes that the market is internationalizing with ongoing contracts and identified prospect in several continents, driven by traditional demand drivers and new demand drivers such as support to FPSO.