Prosafe Wins Gas FPSO Contract from Petrobras

Prosafe ASA said that Petroleo Brasileiro S.A. (Petrobras) has awarded it the charter contract for the supply and operation of a gas FPSO to operate offshore Brazil.

The firm period of the contract is nine years, followed by a maximum of six one-year options.

Prosafe will be responsible for the engineering, procurement, construction, installation, commissioning and operation of the FPSO. The FPSO is expected to arrive in the field in the fourth quarter of 2008.

The vessel will be designed for a water depth of maximum 1500 meters and will have a spread mooring arrangement. The conversion will be based on a VLCC-sized vessel currently owned by Prosafe, and will have a gas compression capacity of 353 000 mmscfd and a process facility of 35 000 bfpd. The oil storage capacity will be 700 000 barrels.

Prosafe sees the award as an important strategic achievement and a confirmation of the company's strong technical capabilities. Petrobras is a major client within the market for leased FPSOs, and Prosafe is proud to be selected as the supplier of the large gas FPSO unit. The award is the fourth FPSO conversion project that Prosafe has secured in less than 15 months. These four contracts, including option periods, have increased the order backlog with more than USD 2.5 billion.

The market for FPSOs remains strong, with a good outlook also for the coming years. Including the Petrobras contract, Prosafe has commenced two new FPSO conversion projects during the fourth quarter of 2006. The company has additional project capacity, and could start a third project early 2007, and a fourth project in the second half of the year.

Prosafe owns and operates semi-submersible service rigs and is a major owner and operator of floating production and storage vessels outside the North Sea. Operating profit reached USD 103.6 million in 2005. The Stavanger, Norway-based company operates globally and employs approximately 900 people.

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