Safe Caledonia wins 12-month contract for in Nigeria

Snepco (Shell Nigeria Exploration & Production Co.) has awarded Prosafe Rigs Ltd., a subsidiary of Prosafe ASA, a contract for the use of Safe Caledonia for dynamic positioning hook-up/construction support to the FPSO Bonga in Nigeria.

Apr 5th, 2004

Snepco (Shell Nigeria Exploration & Production Co.) has awarded Prosafe Rigs Ltd., a subsidiary of Prosafe ASA, a contract for the use ofSafe Caledonia for dynamic positioning hook-up/construction support to the FPSO Bonga in Nigeria. Safe Caledonia will continue the service that the MSV Regalia is carrying out under a six-month contract until June 2004, when the latter will be mobilized to the North Sea for its Troll contract with Statoil.

The contract for theSafe Caledonia is for 12 months, with start-up in the first half of June 2004. The client has an additional 4 x 1 month option. The options must be declared three months in advance. Prosafe's direct mobilization costs in connection with the move of the Safe Caledonia to Nigeria will also be covered by the client.

Total contract value from April 19 until the end of the contract in June 2005 is $37 million, including a $5.8 million contribution related to the transit from East Timor to Nigeria and demobilization, but exclusive of options.

04/05/04

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