APL to Supply Submerged Turret Production System for Montara

Advanced Production and Loading (APL) has entered into an agreement with Tanker Pacific Offshore Terminals Pte Ltd towards the supply of a Submerged Turret Production (STP) system for Montara.

The contract value is approximately US$40 million.

APL's STP system is a unique and flexible turret mooring system designed for FPSOs. The contract represents the 13th STP system to be delivered from APL and confirms the leading position the company has taken as a technology and solutions provider in the globally growing FPSO industry.

The STP system will be installed in the first half of 2008 and shall permanently moor the Montara FPSO, a tanker that Tanker Pacific shall convert to an FPSO. Montara is an oilfield offshore Australia and is operated by Coogee Resources. The Montara contract represents the third STP system that APL has entered into offshore Australia and confirms the positive market development APL has experienced in the Asia-Pacific region. To further pursue the strong market segment in the Asia Pacific region APL has decided to establish its new commercial headquarters in Singapore.

Coogee Resources Limited is an Australian oil and gas company with a combination of production, development and exploration assets in the Bonaparte Basin, located in the Australian waters of the Timor Sea.

APL develops, produces, and sells advanced oil and gas offshore production systems that focus on ship-based storage and transportation of hydrocarbons. The company was established in 1993 in order to develop and commercialize the loading and production systems Submerged Turret Loading (STL) and Submerged Turret Production (STP). APL's technology has been selected as a mooring solution for production vessels, storage vessels and oil tankers in a wide range of field developments in the North Sea, Africa, Asia, Russia and the USA.

Installation of the world's first offshore discharge terminal for LNG vessels based on APL's STL technology was recently completed offshore Louisiana in the US sector of the Gulf of Mexico. APL is headquartered in Arendal, Norway and has operations in Houston, Kuala Lumpur, Singapore, Shanghai, Paris and Rio de Janeiro.

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