Prosafe Posts Rig Utilization Update for 4Q 2009

Prosafe reported that its rig utilization in the fourth quarter of 2009 was 84 percent. The rig utilization for the year 2009 was 86 percent. Safe Scandinavia completed its operation in the UK North Sea at the start of October. Thereafter, the rig was mobilized to Invergordon, Scotland.

Safe Scandinavia has a firm contract with Statoil, six months commencing early May 2010 and six months commencing early April 2011. Safe Concordia completed its assignment in Mexico early October and the rig is currently being marketed for new employment. All other vessels have been fully utilized in the fourth quarter.