Reference is made to press release dated 5 July 2024 where Prosafe announced the award of a Letter of Intent from Ithaca Energy  Limited. Prosafe now advises that the contract has been signed, and that the Safe Caledonia will provide accommodation support for Ithaca Energy at the Captain field in the UK sector of the North Sea for a firm period of 6 months commencing June 2025 with up to 3 months of options.

The total value of the contract is approximately USD 26 million to USD 37 million depending on options.

Terje Askvig, CEO of Prosafe says: “Prosafe is extremely pleased that we have formalised the LoI into contract and we very much look forward to working closely with Ithaca Energy deploying the Safe Caledonia at the Captain field in the UK. As the market continues to tighten, reactivation of the Safe Caledonia will provide optionality to our clients in the years to come.”