More Work for Prosafe in the North Sea

BP has issued a Letter of Intent to Prosafe for the provision of accommodation services to the Forties Pipeline System at the Unity riser platform in the British sector of the North Sea in 2004.

The contract has a fixed duration of 30 days and will commence around June 7, 2004. The value of the contract, which will be performed by the semi-submersible accommodation rig Safe Scandinavia, is approx. GBP 2.3 million (US $4 million) including mobilization and demobilization of GBP 0.7 million.

After completion of the contract, Safe Scandinavia will be mobilized to the Sleipner field on the Norwegian Continental Shelf in order to start a contract with a duration of 77 days and up to 61 days options for Statoil.

In total, the Prosafe fleet of eight accommodation and service rigs is now secured a fleet utilization of approximately 81% excluding options for 2004. The 5 x 5-year Mexico contracts that were announced on 30th April 2003 further secure a minimum fleet utilization of 62.5% for each of the years 2005, 2006 and 2007 and 30% for 2008.