Port Security Conference

June 9, 2003

$112 million Angola contract for Stolt Offshore
Last week Stolt Offshore SA announced it expected substantial cost overruns on three EPIC contracts. Today, it had better news. The company says it has been awarded a contract by Daewoo Shipbuilding and Marine Engineering Company (DSME) for work on the Benguela and Belize offshore field development in Block 14 in Angola, which is operated by Cabinda Gulf Oil Company, ChevronTexaco's affiliate in Angola.

This EPIC contract, valued at approximately $112 million, is for the installation of 100 km of pipelines to connect the new Benguela and Belize compliant tower to the Kuito FPSO and the South Nemba and KWIP platforms.

Tom Ehret, CEO of Stolt Offshore, said, "This award is a welcome addition to our business in Angola. It also demonstrates that with our established skills, local capabilities and track record in this region we are a desirable partner for other contractors to work with, even when we do not take the lead on the EPIC project. We also welcome this continuation of our long standing relationship with Sonangol and ChevronTexaco as well as with DSME."

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