Exmar and LLOG Deepwater Development have reached an agreement in principle whereby LLOG will acquire the semi-submersible production platform OPTI-EX™ from EXMAR.
The OPTI-EX™ is currently located quay side in Ingleside, Texas. LLOG expects to install the OPTI-EX™ in the Mississippi Canyon Area of the Gulf of Mexico and initiate production in 2011. Processing capacity of the OPTI-EX™ will be 60,000 BOPD and 150 MMCFD of gas. Among the conditions precedent to the completion of the transaction are execution of definitive agreements and regulatory approval from authorities in the United States.
Payment of the transaction will be made in different milestones over a period that ends 62 months following installation. It is anticipated that the total consideration to be paid over the period will be in excess of US $400 million.
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