(Egypt) - Prosafe has been awarded a five-year contract extension by Gemsa Petroleum Company for operation and maintenance of the FPSOAl Zaafarana in the Gulf of Suez, Egypt. The contract value for the five-year period is approximately $18.8 million.
Prosafe started the management contract of the FPSO in October 1994. Originally, the contract duration was five years. The contract extension ensures that the vessel will stay on the field for a total of at least 16 years, which is more than three times the original contract term.
Prosafe was awarded two contracts in September and November 2005 for FPSOs slated for installation on the Polvo field in Brazil and the Tui field in New Zealand, which further adds to the contractor's positive outlook for the FPSO market, according to the company.