Prosafe to Upgrade FPSO Espoir Ivoirien

CNR International has awarded Prosafe a variation order for the upgrade of the FPSO Espoir Ivoirien, located at the Espoir Field in the Ivory Coast, in order to increase the handling capability of separation, stabilization, gas treatment and compression. The work is planned to be completed by beginning of December 2009.

The main elements of this project involve the addition of a new separation module and a new gas compression module and associated modifications to the FPSO's systems. These works shall be carried out with minimal disruption to the FPSO's ongoing operations. As a result of the upgrades the FPSO's total liquid handling capacity shall be increased from 50 000 to 70 000 equivalent barrels per day.

This project serves to demonstrate the quality of the FPSO Espoir Ivoirien, which was converted and subsequently put on-stream and operated by Prosafe for CNR in February 2002 under a 10-year contract with 10 one-year options. It serves to support the likelihood that the FPSO Espoir Ivoirien will remain in operation on the field for the duration of its technical life, and enhances the quality of the Prosafe fleet of FPSOs further.

Prosafe is pleased with the trust received from CNR as illustrated by this upgrade project, and looks forward to a continued long-term working relationship with this client.

Prosafe is the world's leading owner and operator of semi-submersible service rigs and a major owner and operator of floating production and storage vessels. Operating profit reached USD 150 million in 2006. The company operates globally, employs approx. 1 000 people and is headquartered in Stavanger, Norway. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS.