SBM Offshore Secures LOI for EPCI Supply

SBM Offshore has executed a Letter of Intent with OSX 2 Leasing BV, an indirect subsidiary of OSX Brazil and part of the EBX Group.

The LOI allows SBM to begin project activities, including early engineering and procurement of up to US $25 million, relating to the future conversion, supply and installation of a floating production, storage and offloading vessel (OSX-2 FPSO) to OSX.

The full EPCI contract is expected to commence in April. The FPSO will be deployed on oil fields in the Campos basin offshore Brazil. First oil is targeted by 3Q 2013.  

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