ConocoPhillips Extends Contract for Safe Scandinavia

ConocoPhillips (U.K.) Limited has extended the previously awarded 16-week firm period for the Safe Scandinavia at the Britannia Platform to a fixed period commencing approximately mid-August 2006 up to and including January 20, 2007. The contract can be extended with a further two 8-day options.

This extension results in an increase in the contract value by between US $4.1 million and US $6.7 million.

Prosafe has secured a rig utilization of about 93% in 2006. Long-term market prospects for accommodation and service rigs are positive, and the business division has already now secured a fleet utilization of 69% in 2007 and 40% in 2008.