SOURCE: Stolt Offshore S.A.

November 15, 2005 10:40 ET

Stolt Offshore S.A. Announces $55 Million Extension to Recently Awarded Deepwater Moho-Bilondo Project

LONDON -- (MARKET WIRE) -- November 15, 2005 -- Stolt Offshore S.A. (NASDAQ: SOSA) (Oslo Stock Exchange: STO) today announced that it had been awarded an extension to the recently awarded Total E&P Congo Moho-Bilondo deepwater field development offshore Congo.

The extension, valued at approximately $55 million, is for the engineering, procurement, installation and commissioning of a 16" diameter export pipeline from the FPU (Floating Production Unit) of the Moho-Bilondo field to the Djeno Terminal. The installation work will be performed by the Seaway Polaris in 2007.

Bruno Chabas, Chief Operating Officer, said, "We are delighted to be awarded this contract extension and we are happy to be able to support Total in their ambitious plans to develop new fields in the Congo."

Stolt Offshore is a leading offshore contractor to the oil and gas industry, specialising in technologically sophisticated deepwater engineering, flowline and pipeline lay, construction, inspection and maintenance services. The Company operates in Europe, the Middle East, West Africa, Asia Pacific, and the Americas.

Forward-Looking Statements: Certain statements made in this press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "should," "seek," and similar expressions. The forward-looking statements reflect our current views and assumptions and are subject to risks and uncertainties. The following factors, and others which are discussed in our public filings and submissions with the U.S. Securities and Exchange Commission, are among those that may cause actual and future results and trends to differ materially from our forward-looking statements: the terms, conditions and amount of our indebtedness; our ability to restructure our indebtedness; our ability to recover costs on significant projects; the general economic conditions and competition in the markets and businesses in which we operate; our relationship with significant customers; the outcome of legal proceedings; uncertainties inherent in operating internationally; the impact of laws and regulations; and operating hazards, including spills and environmental damage. Many of these factors are beyond our ability to control or predict. Given these factors, you should not place undue reliance on the forward-looking statements.

If you no longer wish receive our press releases please contact kelly.good@stoltoffshore.com

Contact Information

  • Contacts:
    Deborah Keedy
    Julian Thomson
    Stolt Offshore S.A.
    UK +44 1932 773767
    or +44 1932 773764
    US +1 877 603 0267 (toll free)
    Email Contact
    Email Contact

    Patrick Handley (UK)
    Ellen Gonda (US)
    Brunswick Group
    UK +44 207 404 5959
    US +1 212 333 3810
    Email Contact
    Email Contact