Cyprus: Prosafe Receives LOI for Safe Scandinavia Rig

Prosafe has been awarded a Letter of Intent (“LOI”) by an undisclosed client for the provision of the Safe Scandinavia accommodation support rig at a project in the British sector of the North Sea.

The firm period of the contract linked to the LOI is four months with on site operations planned to commence August 2012. In addition Prosafe has granted the client a one-month option.

Total value of the contract for the firm period is about USD 35 million.

Accommodation rigs are traditionally used wherever there is a need for additional accommodation, engineering, construction or storage capacity offshore.

Prosafe is the world’s leading owner and operator of semi-submersible accommodation/service rigs. The company operates globally, has about 400 employees and is listed on the Oslo Stock Exchange with ticker code PRS. Prosafe posted an operating profit of USD 218.6 million in 2009.


Source:Prosafe, January  11, 2011;