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Sakhalin Energy terminates offshore support rig contract

AD HOC NEWS

Sakhalin Energy convenience termination of Safe Astoria

Berlin: Montag, den 9. Februar 2009 

Sakhalin Energy Investment Company Ltd has convenience terminated the remaining contract duration for the use of the Safe Astoria accommodation support rig offshore Sakhalin Island in the Russian Federation. Sakhalin Energy had originally contracted the Safe Astoria for a period of around two years from December 2007.

Following the notice of convenience termination, Sakhalin Energy will have to pay Prosafe 85 per cent of the remaining contract value. The convenience termination amount will be around USD 21 mill. Together with reduced operating costs, the convenience termination fee ensures that Prosafe will incur very little financial impact from the termination. The convenience termination fee shall be reduced on a pro-rata basis by dayrate earnings from alternative employment of the Safe Astoria solely within the terminated contractual period.

Prosafe is the world’s leading owner and operator of semi-submersible service rigs. Operating profit reached USD 222.2 million in 2007. The company operates globally, employs approx. 400 people and is headquartered in Larnaca, Cyprus. Prosafe is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com.

Larnaca, 9 February 2009 Prosafe SE

For further information please contact:

Arne Austreid, President and CEO Phone no: 357 2462 1746 / 357 992 75 030

Karl Ronny Klungvedt, Exec. Vice President and CFO Phone no: 357 2462 1982 / 357 996 88 169

Robin Laird, President Offshore Support Services Phone no: 65 6559 1980 / 65 8127 2101

This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Url zum Artikel: http://www.ad-hoc-news.de/sakhalin-energy-convenience-termination-of-safe-astoria–/de/Unternehmensnachrichten/20034046

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