Norway: Safe Boreas Gets First Contract from Lundin

July 6, 2012

Prosafe has signed a contract with Lundin Norway AS (‘Lundin’) for the use of its new build accommodation rig Safe Boreas to provide accommodation support at the Edvard Grieg Project in the Norwegian sector of the North Sea.

On site operations are planned to commence Q2 2015, with a firm period of 6 months. In addition, Prosafe has granted Lundin one 5 month option exercisable up to or within Q3 2014, or one 2 month option exercisable up to or within Q3 2015.

Total value of the firm period will be approximately USD 63.4 million.

The award is the first contract for the Safe Boreas which will be the most advanced and efficient harsh environment accommodation rig in the world, with facilities for 450 persons in single man cabins, a DP3 (dynamic positioning) system as well as a 12 point mooring arrangement.

Prosafe is the world’s leading owner and operator of semi-submersible accommodation/service rigs. Operating profit reached USD 192.3 million in 2011. The company operates globally, employs 550 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS.

[mappress]

Source: Prosafe, July 6, 2012