Contract Extended for Safe Caledonia

ConocoPhillips has awarded Prosafe a two-month contract extension for the Safe Caledonia on the Bayu Undan field in East Timor Sea. The contract extension has a value of approximately US $4.4 million.

Safe Caledonia is currently on location on the Bayu Undan field, awaiting contract commencement July 1st. The rig has been on standby dayrate from May 20th. The contract period including options total 10 months, and will keep the rig active until end of April 2004.

The contract also includes a further 2 one-month options that the client may exercise in the period April - May 2004, and the contract period may therefore add up to a total of one year until end of June 2004.