Consafe Wins Sakhalin Supply Boat Contract

Consafe Offshore has extended its activity linked to the Floatel contract received last year from SAMSUNG SAKHALIN L.L.C. for the 615 beds Floatel and service rig Safe Bristolia. The additional contract includes time charter on a total of 4 vessels, two supply ships, one anchor handler and a fast running crew change vessel. Consafe has secured the vessels from the market.

The supply boat fleet will be used in service between shore base and the Sakhalin Phase II development. The Contract will have duration up to the end of Safe Bristolia hire period, autumn 2007 and has an additional contract value of some 19 MUSD.

The Floatel Safe Bristolia, which was contracted by the Client in February 2005 to provide the accommodation support for the Sakhalin project, is in its final stage of conversion from drilling rig to Floatel will be delivered within weeks from Yantai Raffles Shipyard. The commencement at site offshore Sakhalin is expected early summer 2006.

"The Client has asked Consafe to handle the supply ship operation in the field in addition to the provision of the accommodation vessel Safe Bristolia meaning that Consafe Offshore's involvement in the Sakhalin project has expanded to cover all marine activities to support the offshore construction phase – both in terms of personnel transportation as well as material transports to/from the field. Consafe Offshore will be reimbursed by the Client on 'cost plus' basis why this will give additional contribution to our activity at Sakhalin" says Peter Jacobsson, CEO, Consafe.

"This is just a logical example of additional type of work that Consafe, as Floatel owners, can offer our clients. A Floatel is the centre for most services needed on an offshore field. You will see more of this type of side business from our Floatels in the future" – Mr. Jacobsson continues.