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Marine Log

July 7, 2008

BW Offshore gets LOI for Australia FPSO

BW Offshore has been awarded a Letter of Intent (LoI) by Anzon to supply the FPSO for the Basker-Manta-Gummy (BMG) oil and gas fields offshore Australia. The FPSO will commence operation early Q2 2010. The contract is for a fixed period of five years, plus options to extend the contract for up to a total period of fifteen years. The contract has a nominal value for the total period of up to fifteen years, including installation, of USD 1,300 million.

The FPSO will also include the delivery of an APL disconnectable Submerged Turret Production Buoy (STP), including swivel stack and mooring system.

"We are very pleased with the confidence Anzon has put in us on this project. This will be our first FPSO in Australian waters and the project expands our global presence and will further strengthen our position as one of the world`s leading FPSO contractors," commented Svein Moxnes Harfjeld, CEO of BW Offshore.

BW Offshore will convert the tanker BW Endeavour from its inventory of conversion candidates. The FPSO will have a processing capacity of 40,000 barrels of oil and up to 120 mmscf gas per day with a storage capacity of 800,000 barrels of oil.

"This project is our fourth FPSO contract in less than one year. These FPSOs will commence production from 2008 to 2010, doubling our fleet of operating FPSOs and contributing to strong growth in our earnings for the coming years," noted Moxnes Harfjeld.

BW Offshore has set up an FPSO team in Singapore to develop and execute projects in the Asia Pacific region. This award is the first success of this team and will be managed in Singapore, with support from the company's Norwegian operational headquarters.

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