Prosafe Wins LOI for Deepwater FPSO Contract


Prosafe has been awarded a Letter of Intent by an undisclosed client for the conversion and operation of a Floating Production, Storage and Offloading unit ("FPSO") for a deepwater development.

Should the LOI result in a contract, this would have a firm period of seven years plus options to extend the contract to up to 15 years. The estimated contract value of the firm period is US $332 million.

The award is a result of Prosafe's strong track record, engineering competence and innovative solutions, and manifests the company's leading position in the FPSO market. Prosafe is pursuing other FPSO opportunities and has engineering resources and shipyard capacity in place to ensure efficient execution of further projects.