APL in Talks with Aker for India STP Deal

APL said that it is negotiating with Aker Floating Production for the delivery of a submerged production system (STP) for the MA-1 oil and gas field off India. The potential contract is for a disconnectable STP Turret Mooring System, including design, fabrication and commissioning. The end client is India`s Reliance Industries.

Reliance has awarded a Letter of Intent for the MA-1 oil and gas field development to Aker Floating Production. The project is a fast-track development with the use of a floating production, storage and offloading (FPSO) vessel. Aker Floating Production is targeting to get first oil started by mid-February 2008. The FPSO is to be able to process 60,000 barrels of oil and ultimately 9 million cubic meters of gas per day. However, full-scale production is not expected to begin before first quarter 2009.

This potential contract would represent APL's 12th order for the STP System and the first order for the Indian Sea.

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