FPSOcean AS: Developing Deepwater Technology

FPS Ocean AS and Scana AMT AS have entered into an agreement for developing the disconnectable riser buoy. Scana was chosen because of the company's experience in building turret-systems. This technology will increase the applicability of FPSO units in deepwater regions, and provide simpler and more flexible solutions in areas exposed to hurricanes or typhoons, such as the Gulf of Mexico and Southeast Asia.

FPS Ocean and Scana will combine proven technical solutions in a new application for FPSO units with dynamic positioning capability (DP). The new technology will reduce costs by replacing traditional anchoring systems.

The DRB buoy will stay geostationary with the FPSO weathervaning around the buoy according to prevailing weather conditions. The DRB buoy contributes to improved operational safety as it can be released quickly from the FPSO and submerged to a controlled water depth during extreme weather conditions or in the event of loss of position caused by failure in the DP system. After disconnecting, the FPSO may navigate to calmer seas if necessary. Upon return to the field location, the FPSO can swiftly reconnect to the DRB buoy. The DRB buoy is designed for multiple risers.

Scana AMT is responsible for design, manufacturing and installation onto the FPSO, including responsibility for testing of the equipment.

The new DRB disconnectable riser buoy will be installed on FPS Ocean's first deepwater dynamic positioning FPSO, the "DeeP Producer 1", which is scheduled for delivery from Dubai Drydocks in December 2007, and for commencement of operation in the first quarter of 2008.

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