SBM Offshore, CompactGTL Sign Cooperation Agreement

SBM Offshore, CompactGTL Sign Cooperation Deal

SBM Offshore, a Dutch-based firm and a specialist in the supply of leased FPSOs, has signed a Commercial Development Agreement with CompactGTL Ltd, the pioneer of modular gas to liquid solutions, to work exclusively together on offshore projects.

The use of GTL technology for floating production systems has the potential to significantly reduce gas flaring, by transforming associated gas into synthetic crude oil which can be blended in to the produced crude oil.  The two companies have been working together since 2008 and this agreement opens the door for the world’s first, fully integrated, offshore modular GTL solution for the upstream industry.

The companies will combine their strengths for the marketing and execution of projects involving associated gas challenges for oil fields offshore.

Mike Wyllie, Chief Technology Officer, SBM Offshore said:

“SBM Offshore and CompactGTL provide complimentary expertise, and by combining this we have been able to develop an exciting new FPSO product which will be a very attractive solution for associated gas disposal in ultra deepwater fields”

Nicholas Gay, Chief Executive, CompactGTL said:

“CompactGTL is delighted that we have been able to cement our longstanding relationship with SBM Offshore.  It is a world class company and, combined with our expertise in delivering the world’s first commercial scale modular gas to liquids solution for associated gas, will have significant impact on the offshore oilfield appraisal and development sector.”

Press Release, October 10, 2012

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