NEW ORDERS FOR SBM OFFSHORE INCLUDING A LEASE CONTRACT WITH SHELL FOR
THE BC-10 FPSO, BRAZIL
SBM Offshore N.V. is pleased to announce that the Company has
recently received a number of orders as follows:
SHELL BC-10
The Company has signed a contract with Shell on behalf of themselves
and their partners Petrobras and ONGC for the lease and operation of
an FPSO for the development of the BC-10 field offshore Brazil.
The FPSO, based on the conversion of a VLCC hull from the Company
inventory, will have the capacity to process 100,000 barrels of oil
and inject up to 75,000 barrels of water per day back into the
reservoir. The unit, equipped with turbines able to generate 60 MW of
electrical power for operating the facilities, will be installed in a
water depth of 1,780 meters.
It is the intention of SBM to execute the contract in Joint Venture
with Malaysia International Shipping Corporation Berhad (MISC).
Discussions between the two parties are in progress. MISC and SBM are
also partners in the FPSO Brasil, under lease with Petrobras on the
Roncador field, and in the Kikeh FPSO for Murphy, currently under
construction in Malaysia.
The initial firm commitment of Shell under the contract is for a
period of fifteen years, commencing in late 2008 / early 2009. There
are provisions for further extensions up to five years.
OFFSHORE CONTRACTING
In the course of October the Company secured several contracts for
offshore contracting services ensuring full occupation of the
installation vessels 'Dynamic Installer' and 'Normand Installer'
until the middle of 2007.
PORTFOLIO VALUE
The cumulative portfolio value of these orders is in excess of 850
million US Dollars. For the FPSO lease this figure includes only the
SBM share of the lease revenues.
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
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