Consafe Wins 1 Year Contract for Safe Concordia

Consafe Offshore has received a contract from Interpetroleum Services Limited, a subsidiary of Cotemar SA, for a bareboat charter of the flotel "Safe Concordia". Safe Concordia will work for the Mexican oil company Pemex on the Cantarell field. The bareboat contract is firm for 12 months followed by a 90-day option. The hire period will commence in early May 2006 and the firm contract value is approximately US $30 million.

"Safe Concordia is a new built semi submersible flotel, designed together with our Mexican partners to fulfill the needs they have for a modern service and maintenance vessel. The Dynamic Positioning system, the modern accommodation and the construction facilities onboard meets the client needs and is a competitive alternative. On a long term basis we are very satisfied that we have Safe Concordia allocated into Mexican waters and believe it is a strategic important move" states CEO Peter Jacobsson.

Safe Concordia is further committed to Chevron for the Tahiti project development which is due to commence autumn 2007. Consafe Offshore has now secured 77% utilization of the fleet in 2006. Safe Astoria is being marketed for the period following completion of current charter in spring 2006. Consafe sees several potential contract opportunities for the employment of Safe Astoria in 2006 since the number of work inquiries exceeds the number of available units.