(Bermuda, 15 March 2010): BW Offshore has signed a Letter of Intent (LoI) for the use of the FPSO BW Carmen with Ithaca Energy and partners. The FPSO will be employed on the Athena oil field on the UK sector and is expected to commence production mid-2011. The agreement includes a fixed charter period of three year with options to extend throughout the life of field. The Athena Joint Venture Partners are Ithaca Energy (UK) Ltd (operator, 22.5%), Dyas UK Ltd (47.5%), EWE AG (20.0%) and Zeus Petroleum (10.0%).
BW Offshore will perform a FEED study for the client and expects the study and final contract negotiations to be concluded within Q2 2010. The FPSO will be upgraded with field specific equipment, including a Submerged Turret Production (STP) buoy that will be delivered from the APL division.
BW Carmen was built in 1994 and converted to an FPSO in 1999. The vessel has recently completed short term contracts in the North Sea.
For further information, please contact:
Carl K. Arnet, CEO BW Offshore, +65 9630 3290
Knut R. Sæthre, CFO BW Offshore, +47 9111 7876
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 27 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.