2 August 2010 - BW Offshore has signed the contract for the completion of the FPSO OSX-1, a project with an approximate value of the scope of USD 150 million. BW Offshore will act as the project manager, assisting the owner, a subsidiary of the Brazilian publicly traded company OSX Brasil S/A, providing engineering services, detailing the equipment required for the customization activity, and supporting the procurement process.
The scope of work includes among others topside modifications for heavy oil processing, water separation and power generation. The scope also includes the delivery of a Submerged Turret Production (STP) system from APL, a division of BW Offshore.
The project will be completed mid 2011.
The FPSO will operate for the Brazilian oil company OGX in the Campos Basin offshore Brasil.
BW Offshore announced the authorisation to proceed on 10 May 2010.
For further information, please contact:
Carl K. Arnet, CEO, +65 9630 3290
Knut R. Sæthre, CFO, +47 9111 7876
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. For more information, please visit www.bwoffshore.com and www.apl.no.
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act ("VPHL").