BP Exercises Option for Safe Scandinavia at Valhall, Norway

BP Norge AS has exercised an amended 45-day option for the continued use of the Safe Scandinavia at the Valhall offshore facility in the Norwegian sector of the North Sea. The value of the exercised option is around USD 10.9 million.

In addition, Prosafe has granted two additional 2 week options commencing March 2012 if exercised.

Prosafe is the world’s leading owner and operator of semi-submersible accommodation/service rigs. The company operates globally, has about 430 employees and is listed on the Oslo Stock Exchange with ticker code PRS. Prosafe posted an operating profit of USD 221.1 million in 2010.

The group comprises a parent company, Prosafe SE, headquartered in Larnaca (Cyprus), and a business division, Prosafe Offshore, headquartered in Singapore. Prosafe has offices in Aberdeen (Scotland) and Stavanger (Norway). In addition, Prosafe may have local representation in the countries where its vessels are operating.

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Source: Prosafe, October 26, 2011