SOURCE: SBM Offshore N.V.

January 09, 2007 02:54 ET

SBM OFFSHORE BOOKS NEW LEASE AND TURNKEY SUPPLY ORDERS

JD SCHIEDAM, THE NETHERLANDS -- (MARKET WIRE) -- January 9, 2007 --


SBM Offshore N.V. is pleased to announce that the Company has recently received a number of orders in both the lease and the turnkey supply segments of its activities.

1. Lease Order

Mobile Offshore Production Unit with Storage (MOPUstor) for Yme, North Sea

A Letter of Intent has been received from Talisman Energy Norge AS, operator of the PL316 license offshore Norway, for the lease of a MOPUstor, a production jack-up installed on a subsea storage tank, for the re-development of the Yme field. This LoI constitutes the confirmation of the full scope of work for design, construction, installation and subsequent lease of the MOPUstor and a subsea tanker loading system. This order is the follow up of the FEED (Front End Engineering and Design) contract awarded by Talisman in September 2006, announced in our press release of October 3, 2006.

The MOPUstor concept is a patented design of SBM Offshore subsidiary GustoMSC and was first applied for the development of the Siri field in the Danish sector of the North Sea.

The seabed supported storage tank, construction of which has already started in Malaysia, will be installed in the spring of 2008, thus enabling Talisman to commence drilling of production and injection wells. The jack-up platform carrying the process equipment, to be built in the United Arab Emirates, is scheduled to follow in the third quarter of 2008. The initial lease commitment from Talisman is for a period of five years starting upon completion of the installation and commissioning of the MOPUstor in the Yme field. The contract includes options to extend the lease period up to a total of fifteen years.

Partners of Talisman in the PL316 license are Revus Energy ASA (20%) and Pertra ASA (10%).

2. Turnkey Supply Orders

Supply of an External Turret Mooring system for an FSO

A Letter of Intent has been signed with Tanker Pacific Offshore Terminals Pte Ltd (TPOT) for the design and supply of an external turret mooring system for an FSO to be leased by TPOT to the CuuLong Joint Venture for operation in the Su Tu Vang field offshore Vietnam. Delivery of the turret mooring system is scheduled for the second quarter of 2008.

Supply, Refurbishment and Offshore Installation of CALM buoys

A number of orders have been secured in relation to the tanker loading terminals of Mobil, Chevron and Shell offshore Nigeria. The combined scope of work under these contracts cover the supply of three new Catenary Anchor Leg Mooring (CALM) buoys, the refurbishment of a total of five existing buoys and the related offshore change out operations at the Qua Iboe, Escravos and Forcados terminals.

3. Portfolio Value

The cumulative Portfolio Value of the above orders is in excess of 500 million US Dollars.

The above amount includes for the contract for the MOPU Stor production and storage unit at the Yme field the non-discounted total of the fixed day rates payable over the initial five year lease period.

Contact person: Mr. Hans Peereboom, V.P. Investor Relations

Telephone: (+377) 92 05 14 34
Mobile:    (+377) (0) 6 80 86 52 58
Fax:       (+377) 92 05 89 40
E-mail:    hans.peereboom@sbmoffshore.com
Website:   www.sbmoffshore.com
To see the complete pdf version of this press release, please click on the link below:

http://hugin.info/130754/R/1096811/195007.pdf

Copyright © Hugin ASA 2007. All rights reserved.

Contact Information