Prosafe Offers Update on Existing Rig Contracts

Monday, June 30, 2003
Norsk Hydro has exercised one of four seven-day options for the use of the MSV Regalia on the Fram field in the North Sea. The extension runs for 7 days after the fixed contract period which ends 30th July 2003. The value of the option is ca NOK 7,1 million. Prosafe also wants to confirm that the Safe Caledonia is now gangway connected at the Bayu-Undan field offshore Australia, ready to commence its 10-month contract for ConocoPhillips as from 1st July 2003 through to the end of April 2004. ConocoPhillips retain two one-month options that may be exercised by February 2004. The vessel has been on standby-dayrate since 21st May 2003. With reference to the press release dated 30th April 2003 regarding the five long-term bareboat contracts in Mexico, Prosafe informs that the upgrade of the Safe Regency has been commenced already in early June instead of in the third quarter as initially announced. The planned total offhire remains two to three months before the long-term bareboat contract commences, and thus represents a timing difference between the second and third quarter. The Safe Britannia and Safe Lancia, of which the latter came off contract for upgrade on 27th June, will be upgraded during the third quarter, as previously announced. The Safe Scandinavia, which is currently on a 152-day charter for Norsk Hydro on the Grane Field in the North Sea, commenced eight days late due to weather affecting the mobilisation. The delay is a timing difference and does not affect the duration of the fixed contract period.

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