Bluewater To Purchase FPSO Berge Hugin

Bluewater has agreed to buy the FPSO Berge Hugin from its current owners and take over the FPSO effective October 1, 2001. Pierce Production Company will also be taken over at that time.

The Berge Hugin is jointly owned by Navion and Bergesen. The production facilities onboard are owned by Advanced Production Systems (APS), which is in turn, owned 50-50 by Statoil and Aker Maritime.

Since February 1999 the Berge Hugin has been successfully producing on the Enterprise operated Pierce field on the UK Continental shelf.

This is the fourth FPSO Bluewater will operate from its operating office Bluewater Services (UK) Ltd. in Aberdeen.

Bluewater Energy Services B.V., a member of the Bluewater Group of Companies, is a leading provider of single point mooring systems, tanker-based FPSOs and FSOs, specializing in lease and operation of its systems. Bluewater operates worldwide with offices in The Netherlands, Nigeria, United Kingdom, United States and Singapore.