Offshore staff

Prosafe ASA subsidiary Prosafe Rigs Ltd. secured a 19-week extension for theSafe Caledonia offshore Nigeria. The DP vessel is providing hook-up and construction support to Shell Nigeria Exploration & Production Co.'s Bonga FPSO.

The variation extends the existing contract from Nov. 3, 2005, through March 15, 2006. In addition to the 19 weeks, there are four one-week options available to SNEPCO depending upon the start-up date of theSafe Caledonia's existing commitment at the Nexen Buzzard Project in 2006.

The total contract value for the extension variation period is about $9.9 million.

Prosafe has a fleet utilization of about 90%. Long-term market prospects for accommodation and service rigs are positive, and the business division has already secured a fleet utilization of about 85% in 2006, 62.5% in 2007, and 34% in 2008, the company says.

07/20/05