North Sea LoI for MSV Regalia

Aker Kværner Offshore Partner AS has awarded Prosafe a letter of intent for the MSV Regalia accommodation and construction support rig. The vessel will work at Total E&P UK Ltd.'s MCP-01 platform in the UK sector of the North Sea.

Mar 27th, 2007

Offshore staff

STAVANGER, Norway -- Aker Kværner Offshore Partner AS has awarded Prosafe a letter of intent for the MSV Regalia accommodation and construction support rig. The vessel will work at Total E&P UK Ltd.'s MCP-01 platform in the UK sector of the North Sea.

The LoI has a firm period of seven months with a one-month option. The contract will ensure the rig has a high utilization rate into 3Q 2008.

The vessel will transit to the North Sea early November, after completing its commitment in Angola. On-site operations will begin in January 2008.

The MSVRegalia will be the first vessel of its kind in the emerging decommissioning market, Prosafe says.

3/27/2007

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