Bluewater

April 03, 2006 07:01 ET

Nexen Awards Bluewater Ettrick Field Contract

HOOFDDORP, Netherlands--(CCNMatthews - Apr 3, 2006) -

Nexen Petroleum U.K. Limited and its co-venturers have awarded Bluewater Ettrick Production (UK) Limited, a contract for the production facilities and operations for the Ettrick field, located in the United Kingdom (UK) sector of the Central North Sea in about 115 metres of water.

Nexen Petroleum U.K. Limited, operator, hold 79.73% interest with partners Bow Valley Petroleum U.K. Limited 12% and Atlantic Petroleum (U.K.) Limited 8.27%.

The agreement calls for Bluewater to provide and operate a floating production, storage and offloading (FPSO) vessel for an initial term of five years with extension options. Bluewater's scope comprises the design, supply and operation of the FPSO including topsides and a disconnectable turret mooring system.

The FPSO will be based on Bluewater's own new-built, Aframax size FPSO hull named "Aoka Mizu", which will undergo an extensive conversion programme for the project. Design capacities are: 30 MBOPD processing, 35 MMSCFD gas compression, and 55 MBWPD injection. Bluewater plans to install and commission the Aoka Mizu to commence production at the Ettrick field by the 1st quarter 2008.

The Ettrick field is located in the Outer Moray Firth about 120 km Northeast of Aberdeen in blocks 20/2a and 20/3a. Development will be based on three production wells and three water injectors tied back to the FPSO and oil will be offloaded to shuttle tankers.

"We are pleased to add another new built FPSO to our North Sea FPSO fleet", stated Hugo Heerema, President of Bluewater Energy Services B.V. "FPSOs still offer one of the most cost-effective solutions for developing marginal fields, and we still see a great deal of potential for such application in the North Sea. Bluewater continues to be committed to working with oil companies so that this potential can be realized using the latest technology and the highest quality FPSOs for this extremely harsh environment."

Bluewater Ettrick Production (UK) Limited is a member of the Bluewater group of companies, that has built a technological lead specialising in lease and operation of tanker-based Production and Storage (FPSO/FSO) systems, and has become a leading provider of advanced Single Point Mooring (SPM) systems. Bluewater operates worldwide with offices in The Netherlands, United Kingdom, United States, Nigeria, Angola, South Africa, Singapore and China.

www.bluewater.com

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