Aug. 26, 2009 (Hugin AS) --
SBM Offshore N.V. is pleased to announce the following news:
1. Lease and Operate agreement for FPSO for Aseng field in
Equatorial Guinea.
A Letter of Agreement (LOA) has been signed with Noble Energy (NYSE:NBL) EG
Ltd., a subsidiary of leading US-based independent energy company
Noble Energy Inc. (NASDAQ:EGAS) (Noble Energy, NYSE: NBL), for the provision, lease
and operation of an FPSO for the development of the Aseng field
located in approximately 1,000 meters of water in Block I, offshore
Equatorial Guinea.
The FPSO, which will be based on the conversion of a VLCC hull from
SBM Offshore's inventory, will serve not only the Aseng field, but
also establish a liquids hub for Noble's future developments in the
area with capacity for 120,000 barrels of liquids per day, including
processing of 80,000 barrels of oil and injection of up to 150,000
barrels per day of water, as well as handling 170 million standard
cubic feet per day of gas. The unit will have storage capacity for
1.6 million barrels of oil including up to 500,000 barrels of
condensate.
It is the intention of SBM Offshore to execute the contract through a
Joint Venture established with Guinea Ecuatorial De Petróleos
(GEPetrol), the National Oil Company of Equatorial Guinea. Beyond
Aseng, this partnership will work to promote Equatorial Guinean local
content in oil and gas activities and further enhance the development
of the country's oil and gas industry.
The Aseng FPSO will be SBM Offshore's second operated unit in
Equatorial Guinea and its ninth operated facility offshore West
Africa.
The initial firm commitment of Noble Energy under the contract is for
a period of fifteen years, commencing in late 2011, with provisions
for further extensions up to five years.
The total undiscounted cumulative Portfolio Value to SBM Offshore of
the above order is approximately US$ 1.2 billion, with the lease
contract expected to qualify as a finance lease for financial
reporting purposes.
Contact person: Mr. Sebastiaan de Ronde Bresser
Telephone: (+377) 92 05 85 15
Mobile: (+33) 6 43 91 93 12
Fax: (+377) 92 05 89 40
E-mail: sebastiaan.derondebresser@sbmoffshore.com
Website: www.sbmoffshore.com
To see the complete pdf version of this press release, please on the
link below:
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
http://hugin.info/130754/R/1337288/318605.pdf
