Vaalco Awards FPSO Contract for Petroleo Nautipa

A new contract has been obtained for the Floating Production Storage Offloading (FPSO) vessel Petroleo Nautipa. The FPSO is owned and operated by a joint venture between Fred. Olsen Energy ASA and Prosafe ASA.

The contract was signed with Vaalco Gabon (Etame) Inc. has an approximate value of US $30 million. The contract is initially for two years with options for Vaalco Gabon (Etame) Inc. to extend for up to three more years.

The FPSO Petroleo Nautipa is currently under contract with Canadian Natural Resources in Angola, and is expected to demobilize from its current location during the summer of 2002, be taken to a ship yard for necessary upgrading before being installed on the Etame Field offshore Gabon by September 2002.

The contract is subject approval by the Gabonese authorities' of Vaalco Gabon (Etame) Inc.'s Field Development Plan by September 20, 2001.