StatoilHydro Taps Safe Scandinavia to Accomodate Snorre A Facility

Prosafe has been awarded a Letter of Intent by StatoilHydro for the provision of the Safe Scandinavia accommodation support rig at the Snorre A offshore facility in the Norwegian sector of the North Sea. The LOI is subject to the Snorre License partner approval.

The contract linked to the LOI has two firm durations, six months commencing early May 2010 and six months commencing early April 2011.
StatoilHydro has the option to replace the two firm periods with a continuous 17-month contract commencing May 2010. The option must be
exercised before January 2010, and is subject to vessel availability.

Total value of the contract linked to the LOI is about US $92 million, including mob/demob costs. The contract value will increase to about US $104 million including mob/demob costs, if the 17-month alternative is chosen.