Norway: BW Offshore Signs FPSO Contract Worth $875 Million


BW Offshore has signed a contract with Kangean Energy Indonesia (“KEI”) for a gas FPSO to operate on the Terang Sirasun Batur (“TSB”) fields in Indonesia. The partners of KEI are PT Energi Mega Persada (50.0%), Mitsubishi Corporation (25.0%) and Japan Petroleum Exploration (25.0%).

BW Offshore has signed the contract with its two Indonesian partners; PT Pelayaran Trans Parau Sorat and PT Energi Consulting Indonesia.

BW Offshore’s scope includes the delivery of the FPSO, risers, umbilicals and mooring system, and BW Offshore will also be responsible for the installation and operation of the unit. The design, fabrication and installation of the mooring system will be executed by BW Offshore’s technology division APL.

The FPSO will have a capacity of 340 mmscfd of gas compression and conditioning, and the gas will be exported to the East Java Gas Pipeline.

The charter contract is for a fixed period of 10 years, plus additional options of up to 4 years. The total contract value is approximately USD 875 million. First gas is planned for early 2012.

About BW Offshore

BW Offshore is one of the world’s leading FPSO contractors and a market leader within advanced offshore loading and production systems to the oil and gas industry. BW Offshore has more than 25 years’ experience and has successfully delivered 14 FPSO projects and 50 turrets and offshore terminals. BW Offshore’s technology division APL has delivered solutions for production vessels, storage vessels and tankers in a wide range of field developments. Adapting through competence, in-house technology, solid project execution and operational excellence, BW Offshore ensures that customer needs are met through versatile solutions for offshore oil and gas projects. BW Offshore has a global network with offices in Europe, Asia Pacific, West Africa and the Americas. BW Offshore has 1,100 employees and is listed on the Oslo Stock Exchange.

This information is subject to the disclosure requirements according to Section 5-12 of the Norwegian Securities Trading Act.

Source: finanznachrichten,July 16, 2010;

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