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Safe Caledonia – contract extended until mid-March 2006

Source: www.gulfoilandgas.com 7/21/2005, Location: Africa

Prosafe Rigs Limited, a wholly owned subsidiary of Prosafe ASA, has been awarded an 19-week extension variation to the existing contract by SNEPCO (Shell Nigeria Exploration & Production Company) for the use of Safe Caledonia for DP (dynamic positioning) hook-up/construction support to the FPSO Bonga in Nigeria. (19 Jul 2005)

The variation extends the existing contract from 3 November 2005 through 15 March 2006. In addition to the 19 weeks, 4 x 1 week options are available to SNEPCO depending upon the start-up date of the Safe Caledonia’s existing commitment at the Nexen Buzzard Project in 2006. The total contract value for the extension variation period is about USD 9.9 million.

Prosafe has now secured a fleet utilisation of about 90% in 2005. Long-term market prospects for accommodation and service rigs are also positive, and the business division has already now secured a fleet utilisation of about 85% in 2006, 62.5% in 2007 and 34% in 2008.

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Related Categories: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 

Related Articles: General  Rig Equipment  Rig Operators  Rigs, Coring & Exploration 


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