Bluewater Purchases Navion Munin

Bluewater has entered into an agreement to purchase the FPSO Navion Munin. Delivery will take place on October 1, 2001, at which date also the Lufeng Development Company changes hands.

Navion Munin is owned by Navion and the topsides are owned by Advanced Production Systems (APS). Since December 1997 Navion Munin has been producing oil from China's Lufeng field, with Statoil as operator. Bluewater now has a fleet of five FPSOs under contract and a purpose-built FPSO hull on standby for completion.