Norway: Prosafe Announces Contract Extensions for Two Rigs

Prosafe announced that the company’s rig utilisation in the fourth quarter of 2012 was 82 per cent. Safe Scandinavia, Safe Concordia, Safe Astoria, Safe Lancia, Jasminia, Safe Hibernia, Safe Britannia, Safe Regency and Safe Bristolia have been on contract throughout the fourth quarter.

Safe Concordia is operating on a long-term contract in Brazil. In the fourth quarter the average effective dayrate was approximately USD 137,000.

Safe Caledonia remained at the yard throughout the fourth quarter undertaking a life extension upgrade.

Regalia was off-hire and at the yard undertaking maintenance work during the fourth quarter. The operating cost has been slightly higher than in normal operation.

The first of four one-month options for Regalia for operations in 2014 has been exercised by Statoil. This declared option has a value of USD 9.3 million. The remaining three options are subject to availability of the Regalia.

Prosafe and BP Norge AS have agreed to further extend the Safe Scandinavia’s operations at Valhall until 7th February 2013. The value of the seven-day contract extension is USD 2.1 million.

[mappress]

Prosafe, January 22, 2013