Sakhalin Gets Safe Offshore Russia

Prosafe has been awarded a Letter of Intent by Sakhalin Energy Investment Company Ltd for the provision of the Safe Astoria accommodation support rig offshore Sakhalin Island in the Russian Federation. The firm duration of the contract linked to the LoI is 2 years with a 1-year option. The Safe Astoria will prepare for the contract and transit to site for operations commencing May 2008.

Total value of the contract linked to the LoI excluding the option period is about USD 67 mill. Once the contract is finalized it will provide for a seamless transition from current operations using the Safe Bristolia to the Safe Astoria and demonstrate the suitability to challenging environments of the Prosafe fleet.

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 and employs approx. 1,000 people, and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS.