SBM says the LOI will permit it to start project activities, including early engineering and procurement up to $25 million relating to the future conversion, supply and installation of a floating production, storage and offloading vessel to OSX ("FPSO OSX-2"). The full EPCI contract for FPSO OSX-2 is expected to be executed within a month.
FPSO OSX-2 will be chartered by OSX to its customer OGX Petróleo e Gás Ltda. ("OGX"), also a company of the EBX Group, and will be deployed on oil fields in the Campos basin offshore Brazil. First oil is targeted by third quarter 2013.
March 30, 2011