Prosafe Production Extends FPSO Umuroa Contract With AWE

Prosafe Production and AWE have agreed on substantial changes to the terms of the FPSO Umuroa contract. The firm part of the contract has been extended by three years and 4 months to the end of 2015. Prosafe Production has in addition granted AWE further options of 2 x 1 year, bringing the total optional period to 7 x 1 years. The front loaded day rate profile has been maintained, but at a significantly higher level than in the original contract. The remaining seven years and seven months of the firm part of the contract represents a gross values of about USD 280 million.

Bjorn Henrikoon, President & CEO of Prosafe Production, commented; "The contract extension is a result of AWE's success in further development of the Tui field, and Prosafe Production is proud to be a substantial contributor to this success."

Umuroa is capable of producing 120,000 barrels of fluid per day, 50,000 barrels of oil per day and 118,000 barrels of water per day, with a storage capacity of 730,000 barrels. The vessel is moored in 120 meters of water and is Prosafe's first FPSO offshore New Zealand.