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Marine Log

September 18, 2007

APL buoy system for Neptune LNG port

BW Offshore Ltd's (BWO) subsidiary, APL (Advanced Production & Loading) Plc has entered into a contract for the design, engineering, and supply of an offshore liquefied natural gas (LNG) buoy system for Neptune LNG LLC, a subsidiary of SUEZ.

Neptune LNG's facility, which will be located approximately 10 miles off the coast of Massachusetts, will provide a substantial new supply of natural gas to New England. Final delivery of APL's submerged turret loading (STL) buoy system is expected to take place in May 2009. The value of the contract is approximately $60 million and is APL's third order for an offshore LNG buoy system in the U.S.

The Neptune port will use specially designed LNG ships equipped to store, transport, and vaporize LNG into natural gas to send directly to customers via a sub-sea pipeline, which connects to the existing Algonquin gas pipeline system.

The LNG regasification vessels will be moored at the proposed Neptune deepwater port by means of the STL system consisting of two buoys.

An LNG ship will typically be moored for four to eight days to the STL buoy while regasifying its LNG cargo. The two separate buoys will ensure that natural gas can be delivered in a continuous flow by allowing a brief overlap between arriving and departing LNG regasification vessels. An STL system similar to the one ordered for the Neptune project operated successfully and performed reliably and safely during Hurricane Katrina.

The Neptune project will be able to provide an average of 400 million cubic feet of natural gas per day -- enough to serve 1.5 million homes daily. On very cold days and other periods of peak demand, Neptune can increase its delivery rate to 750 million cubic feet per day.

The Neptune port will use specially designed LNG ships equipped to store, transport, and vaporize LNG into natural gas to send directly to customers via a sub-sea pipeline, which connects to the existing Algonquin gas pipeline system.

The LNG regasification vessels will be moored at the proposed Neptune deepwater port by means of the STL system consisting of two buoys.

An LNG ship will typically be moored for four to eight days to the STL buoy while regasifying its LNG cargo. The two separate buoys will ensure that natural gas can be delivered in a continuous flow by allowing a brief overlap between arriving and departing LNG regasification vessels. An STL system similar to the one ordered for the Neptune project operated successfully and performed reliably and safely during Hurricane Katrina.

The Neptune project will be able to provide an average of 400 million cubic feet of natural gas per day -- enough to serve 1.5 million homes daily. On very cold days and other periods of peak demand, Neptune can increase its delivery rate to 750 million cubic feet per day.

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