Prosafe Asa News

Prosafe Offshore AS, a subsidiary of Prosafe ASA, has won a 176 days contract with Ocean Oil Construction and Services Ltd for the use of the semi-submersible service rig Safe Caledonia in the Gulf of Mexico. The bareboat contract has a value of $6,4 mill. In addition, the contract includes compensation for leading Prosafe personnel on board. The new contract ends in early May 2002, and the rig will immediately thereafter be mobilized back to the North Sea and commence the contract with Statoil on the Sleipner field on July 1, 2002.

Fred Olsen Energy has signed a contract for the Floating Production Storage Offloading (FPSO) vessel Petróleo Nautipa, which is owned and operated by a joint venture between Fred. Olsen Energy ASA and Prosafe ASA. The contract signed with the Houston based oil company Vaalco Gabon (Etame) Inc. has an approximate value of $30 million, and is initially for two years with options for Vaalco Gabon (Etame) Inc. to extend for up to three more years. The FPSO is currently under contract with Canadian Natural Resources in Angola, and is expected to demobilise from its current location during the summer of 2002, where it will be taken to a shipyard for necessary upgrading before being installed on the Etame Field offshore Gabon by September 2002.