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Prosafe Awards FPSO Al Zaafarana Contract, Egypt

Source: www.oilegypt.com 1/16/2006, Location: Egypt

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Prosafe has been awarded a five-year contract extension by Gemsa Petroleum Company for operation and maintenance of the FPSO Al Zaafarana in the Gulf of Suez, Egypt. The contract value for the five-year period is approximately USD 18.8 mill. The contract extension confirms Prosafeís positive view that FPSOs often are likely to remain in the field beyond the original contract term. Prosafe commenced the management contract of the FPSO Al Zaafarana in October 1994. Originally, the contract duration was five years. The contract extension ensures that the vessel will stay in field for a total of at least 16 years, which is more than three times the original contract term.

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