BW Offshore signs LoI for Papa Terra FPSO

(Bermuda, 8 October 2009): The Papa Terra Joint Venture, consisting of Petrobras (operator) and Chevron, has concluded the contracting and negotiation process with the consortium of BW Offshore and the Brazilian industrial group QUIP for the FPSO P-63 for the Papa Terra field. Letter of Intent was signed yesterday, while sanction of the project will occur at a later date.

 

BW Offshore intends to use the ULCC BW Nisa for this project.

 

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 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 1,200 employees and is listed on the Oslo Stock Exchange. For more information, please visit www.bwoffshore.com and www.apl.no.