The contracts have durations of five years for Regency, 4.3 years for Britannia, three years for Hibernia, 1.3 years for Lancia and one year for Jasminia. In addition, the contract for the Concordia has been extended by six months against an unchanged dayrate.

Compared to the previous contracts, the total average bareboat dayrates have been increased with 103%. Total value of the bareboat contracts, including the Concordia extension, is $392 million.

Prosafe said that the award of these contracts confirms the strong market for accommodation-service rigs and the trend of steadily increasing dayrates.

The contract reportedly enhances Prosafe’s position as a provider of advanced accommodation-service rigs. Based on the combination of increased demand for its services and high dayrates, the company foresees a solid increase in earnings in the years to come.