Husky Awards More White Rose Contracts

Further to Husky Energy's announcement of March 28, 2002, the company confirms that three major contracts have been awarded for the White Rose oilfield development offshore Newfoundland and Labrador. Samsung Heavy Industries of South Korea has been awarded the contract to build the FPSO vessel hull for the White Rose Project. SBM IMODCO of Houston has been awarded the contract for the design and fabrication of the turret and mooring system, and Aker Maritime Kiewit Contractors has been awarded the contract to design and build the topsides for the FPSO.

The Samsung contract provides for the construction of the FPSO hull, which is derived from the proven purpose built Grand Banks shuttle tanker design featuring an ice-strengthened double hull. The vessel will have dual conventional propulsion systems and two high efficiency rudders. During production operations the vessel will be passively moored by an internal turret mooring system.

The SBM IMODCO contract scope includes the engineering, procurement, and construction of a disconnectable turret. The turret is the interface between the subsea systems and the topside facilities. The mooring system connects the turret to the seabed and allows the FPSO to weathervane around the turret while connected.

The contract for the engineering, procurement, construction and installation of topsides has been awarded to Aker Maritime Kiewit Contractors (AMKC), a joint venture of Peter Kiewit Sons Co. Ltd. and Aker Oil and Gas Technology Ltd. The topsides are designed to produce oil at a quality suitable for shipment by shuttle tankers to market.

"Having completed the front-end engineering and design work with these contractors, we are pleased to be able to enter into lump-sum arrangements with Samsung, SBM IMODCO, and AMKC for the White Rose project. The successful conclusion of contract arrangements with these experienced contractors has benefited the White Rose Project with a firm understanding of project cost and schedule," said John Lau, President & Chief Executive Officer of Husky Energy.

"Topsides fabrication is scheduled to commence in the second half of this year, with hull fabrication beginning in the final quarter of 2002," said Mr. Lau.

The White Rose Oilfield is located 350 km east of Newfoundland. Recoverable reserves for the South Avalon pool of the oilfield are estimated at 200-250 million barrels. Ownership interests are held by Husky Oil Operations Limited (72.5%) as Operator, and Petro-Canada (27.5%).


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