BP Exercises Option for Continued Use of MSV Regalia

BP Norge AS has exercised the six-month option with commencement January 2011 for the continued use of the MSV Regalia accommodation support rig at the Valhall offshore facility in the Norwegian sector of the North Sea.

The value of the exercised option period is US $43.9 million. In addition, Prosafe has granted a four-month option, commencing July 2011 if exercised, and an additional two-month option.