MSV Regalia is the flagship in the fleet. A major refurbishment in 2008/2009 extended the life of the unit substantially with respect to operating in the Norwegian North Sea.

During the refurbishment, the rig was equipped with new accommodation modules with 300 single man cabins, and the hull and structure, machinery and general systems and equipment were upgraded.

In July 2009, the Petroleum Safety Authority Norway (PSA) awarded the rig an Acknowledgement of Compliance (AoC) required for operations in the Norwegian Continental Shelf. The AoC reflects that the technical condition of MSV Regalia and Prosafe's organisation and management systems are considered to be in compliance with relevant requirements in Norwegian shelf legislation.

MSV Regalia is currently operating at the Valhall field in the Norwegian North Sea for BP.