Prosafe sees growing interest in construction support

Offshore staff

LARNACA, Cyprus – Prosafe expects demand for its accommodation semisubmersibles in the North Sea to remain strong for at least the next couple of years.

Most of the demand is driven by field redevelopments and by modification of existing production infrastructure. However, there are also signs of increased hook-up and commissioning activity.

Safe Caledonia is operating for BG in the UK North Sea until end-March. Regalia should work for Talisman at the Yme field in the Norwegian North Sea until end- August.

Safe Scandinavia is operating for BP in Norway until end-March. In May the rig should start work for ConocoPhillips in Norway and thereafter move to the UK North Sea under a firm contract lasting until October, with options through December.

In the Mexican offshore sector, Prosafe has various accommodation semis assisting maintenance and construction projects on the Cantarell field.

It expects demand in Mexico to remain stable over the next few years, and is reasonably optimistic of securing renewals of three contracts which expire toward year-end.

Six of Prosafe’s rigs are currently on bareboat charters in Mexico for Pemex, with Safe Hibernia engaged until December 2013, Safe Lancia until end-2012, Jasminia until end-2012, Safe Britannia until mid-January 2013, Safe Bristolia until end-March 2013, and Safe Regency until early-August 2013.

Off Brazil Prosafe says most demand comes from the Campos basin, where accommodation units are assisting maintenance of FPSOs and fixed installations. But over the longer term, the company expects growing accommodation demand in other basins. Safe Concordia started a three-year contract for Petrobras in Brazil last spring.

There are good indications too in the Australian and Asian markets, where accommodation semis have not previously been favored. Safe Astoria has a 150-day contract with Woodside off Australia commencing between April and May, and Prosafe has additionally granted two one-month options.

3/1/2012

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