Five-Year Contract Extension for FSO Madura Jaya

Madura FSO Pte. Ltd., a company owned 50% by Prosafe ASA, has entered into an agreement with Kodeco Energy Co. Ltd. extending the contract for the employment of FSO Madura Jaya at the Madura field offshore Indonesia until May 2010. Total contract value is approximately US $20.5 million.

FSO Madura Jaya was originally converted into an FSO in 2003, when the storage capacity of the FSO Madura Ayu became insufficient for the fields total oil production. The extension secures continuous employment for FSO Madura Jaya for a minimum period of seven years – more than three times the duration of the original contract period.