Prosafe wins Kiwi contract

Prosafe ASA’s wholly-owned unit Prosafe Production Services Pte Ltd has won a $178m contract from New Zealand Overseas Petroleum Ltd. The New Zealand company will lease a Flotation Production Storage and Offloading (FPSO) vessel for five years, with five one-year options for renewal.

Prosafe will convert the Suezmax tanker ?Ionikos? into a FPSO for this assignment, and production is expected to start in the second quarter of 2007. The vessel will work on the Tui field in the Taranaki basin offshore New Zealand.