Prosafe Receives Contract Extension for Safe Caledonia

Prosafe has been awarded a contract extension of 30 days commencing from August 5, 2005 for SNEPCO (Shell Nigeria Exploration & Production Company) for the use of Safe Caledonia for dynamic positioning, hook-up/construction support to the FPSO Bonga in Nigeria.

This is the second of four possible 30-day extensions available to SNEPCO under its existing contract for the use of the Safe Caledonia. The remaining options must be declared three months in advance.

Prosafe has now secured a fleet utilization of about 86% in 2005. Long-term market prospects for accommodation and service rigs are also positive, and the business division has already now secured a fleet utilization of 82.5% in 2006, 62.5% in 2007 and 34% in 2008.