BP Exploration Operating Company has issued a Letter of Award to Prosafe Rigs Limited, a wholly owned subsidiary of Prosafe ASA, for use of the MSV Regalia for the provision of dynamically positioned accommodation and associated services to the Magnus platform in the British sector of the North Sea.

The contract, that has a fixed duration of 35 days wth an optional 7 day period, will commence around 6 September 2005. The value of the contract is approx. GBP 3.5 million (USD 6.5 million). After completion of the contract, the MSV Regalia will demobilise to the Coast Centre Base in Bergen, Norway, to complete preparatory works relating to the Total E & P Angola accommodation contract at the Girassol FPSO