SOURCE: SBM Offshore N.V.

December 07, 2007 11:56 ET


SCHIEDAM, NETHERLANDS--(Marketwire - December 7, 2007) -

SBM Offshore N.V. is pleased to release the following news:

1. Turret for Skarv FPSO for BP Norge AS in Norway

A letter of award has been received from BP Norge AS for the turnkey supply of an internal turret. The turret will be delivered to Samsung Heavy Industries in Korea for integration into the FPSO hull.

The turret will be the largest in the world in terms of mooring loads. It will be of the well proven SBM bogie-wheel type design similar to that of the BP Schiehallion FPSO and other large units recently installed on Brazilian deepwater fields.

The delivery of the turret mooring system is scheduled for March 2010 at SHI shipyard in Korea.

The total value of this contract is in the range of US$ 250 million.

2. P-57 FPSO

In August 2007, a tender was submitted to Petrobras for the turnkey supply of a large FPSO to be installed on the deepwater Jubarte field offshore the State of Espirito Santo in Brazil. The tender also included the requirement for the operation of the unit during the first three years following first oil.

This week, upon formal opening of tenders in Rio, Petrobras has declared SBM the lowest bidder. It is the intention of Petrobras to proceed with internal recommendations to commence contract discussions leading to a Letter of Intent during the course of January 2008. In principle it should lead to a contract during first quarter 2008.

The P-57 FPSO will be the largest ever made by SBM Offshore. The project schedule allows 35 months from receipt of Letter of Intent until Readiness for Installation offshore i.e. end of 2010.

The total portfolio value of this contract is in the range of US$ 1.25 billion inclusive of the three years operating service.

The above projects will provide the Company with a solid turnkey backlog for 2008 and beyond. They will also compensate for the adverse effects of the high input costs on current projects and allow modest 2008 earnings growth to be targeted.

To see the complete pdf version of this press release, please click on the link below:

Copyright © Hugin ASA 2007. All rights reserved.

Contact Information

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