Prosafe Underscores Rig Utilization for Fourth Quarter 2008

Prosafe has reported that its rig utilization in the fourth quarter of 2008 was 88%. The rig utilization for the year 2008 was 92%.

MSV Regalia operated for Aker Solutions in the UK North Sea until the first week of December, after which the rig was mobilized to undertake a refurbishment. Safe Scandinavia operated for StatoilHydro on the Norwegian Continental Shelf until late November. After a short yard stay and mobilization, Safe Scandinavia commenced operation at the Valhall field for BP in mid-December. Safe Astoria was operating for Sakhalin Energy Investment Company in Russia until mid November, and for the rest of the quarter the rig was on standby in Malaysia. Safe Bristolia was idle throughout the quarter.

All other vessels have been fully utilized in the fourth quarter.