Stolt Offshore Awarded LOI for $200 Million Contract

Stolt Offshore has signed a letter of intent for construction work on an offshore field development in its Africa and Mediterranean Region valued at approximately $200 million. This project will make significant use of Stolt Offshore's major construction asset in the region the Seaway Polaris. Further details will be published when the contract for this project has been signed.

Stolt Offshore is a leading offshore contractor to the oil and gas industry, specializing in technologically sophisticated deepwater engineering, flowline and pipeline lay, construction, inspection and maintenance services. The Company operates in Europe, the Middle East, West Africa, Asia Pacific, and the Americas.

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