StatoilHydro contracts Safe Scandinavia support rig

StatoilHydro has awarded Prosafe a Letter of Intent (LoI) for use of the Safe Scandinavia accommodation support rig at the Snorre A offshore facility in the Norwegian sector of the North Sea.

Offshore staff

LARNACA, Cyprus -- StatoilHydro has awarded Prosafe a Letter of Intent (LoI) for use of the Safe Scandinavia accommodation support rig at the Snorre A offshore facility in the Norwegian sector of the North Sea. The LoI is subject to the Snorre license partner approval.

The contract linked to the LoI has two firm durations, six months beginning in early May 2010, and six months beginning in early April 2011. StatoilHydro has the option to replace the two firm periods with a continuous 17-month contract beginning in May 2010. The option must be exercised before January 2010, and is subject to vessel availability.

Total value of the contract linked to the LoI is about $92 million including mobilization and demobilization costs. The contract value will increase to about $104 million including mobilization and demobilization costs, if the 17-month alternative is chosen.

03/24/2009

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