Aker to Supply Offloading Systems to Euronav/OSG, MODEC JV

Aker Solutions has been awarded several contracts for supply of offloading systems. The total contract value for Aker Solutions is approximately NOK 85 million.

The contract awards are from the Joint Venture Euronav/OSG and MODEC International LLC for the supply of offloading systems. The Euronav/OSG contract consists of offloading systems for two Floating Storage and Offloading Units (FSOs). The contract with MODEC is for two offloading systems for a Floating Production and Storage Offloading Unit (FPSO).

The offloading system delivered from Aker Solutions is a configuration of mooring and offloading equipment at the stern/bow of the FSO/FPSO which allows for offshore transfer of crude oil from the FSO/FPSO to a shuttle tanker. The offloading system establishes a safe and secure connection for the hose to the shuttle tanker. This connection can be quickly and safely disconnected in the event of an emergency without creating surge loads in the hose. The system can operate at rates up to 15 000 m3/hr. Aker Solutions developed the offloading system in the 1980s and it has evolved to become the most reliable and trusted system available.

The Euronav/OSG vessels are the world's largest crude oil tankers. The vessels will be operated by Euronav/OSG after conversion to FSOs. MODEC is converting a tanker to an FPSO at Cosco Shipyard in Dalian, China. The FPSO will be operated for Petrobras off the coast of Brazil.

Delivery of the offloading systems to the FSOs/FPSO will take place within Q1 and Q2 of 2009.

The contract party is Aker Solutions' subsidiary Aker Pusnes AS.

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