Stolt Offshore Receives Contracts Worth $300 Million in Brazil

Stolt Offshore has received contract awards totalling approximately $300 million in letters of intent from Petrobras in Brazil.

The first new award, valued at $145 million, is an EPIC contract for the tie-in of oil export pipelines from the Roncador, Marlim Sul and Marlin Leste fields to the PRA1 booster platform and for other associated tie-in work at two offloading buoys and a floating storage and offloading tanker. The work will be performed by the Discovery in the period between the fourth quarter of 2006 and the third quarter of 2007. The engineering and project management for this project is being undertaken from the North America regional office in Houston, following the refocusing of this business unit to the deepwater SURF market.

The second new award is for an extension to the existing Seaway Condor contract, valued at $140 million for four additional years of work from September 2006. This contract to install flexible flowlines and risers in water depths of up to 2,000 metres was previously extended in 2001.

Two additional awards, also for Petrobras, are each for two additional years extension to the ROV contracts on the Toisa Conqueror and the Normand Borg, together valued at approximately $16 million.

Tom Ehret, Chief Executive Officer, said, "We announced last year that part of our strategy was to grow our business in South America. These new contract awards are evidence of the successful execution of this strategy over recent months. In late 2005, we announced a $40 million two year extension to the Seaway Harrier contract and a $250 million six year contract for the CS Pertinacia. With these new awards, we improve the visibility of a business unit, which, from 2007 onwards, will treble in size from its historic level.

"The Roncador and Marlim tie-ins award is of particular importance as it is our first EPIC contract in Brazil. It is also early evidence of the successful refocusing of our Houston based business unit in undertaking project management and engineering work for other parts of the world."


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