Sakhalin Energy terminates Safe Astoria contract

Sakhalin Energy Investment Co. has convenience terminated the remaining contract duration for the use of the accommodation support rig Safe Astoria offshore Sakhalin Island in the Russian Federation.

Offshore staff

LARNACA, Cyprus -- Sakhalin Energy Investment Co. has convenience terminated the remaining contract duration for the use of the accommodation support rig Safe Astoria offshore Sakhalin Island in the Russian Federation. Sakhalin Energy had originally contracted the rig for two years from December 2007.

Following the notice of convenience termination, Sakhalin Energy will have to pay Prosafe 85% of the remaining contract value, approximately $21 million, the company says.

02/09/2009

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