Stress Subsea Wins Contract for Neptune Development Project

Stress Subsea has been awarded a contract for Feasibility Engineering (FEED) for a portion of the Neptune Field Development Project, a joint-venture comprising BHP Billiton, Marathon Oil, Woodside Energy (USA) Inc., and Maxus (US) Exploration Company. Terms of the transaction were not announced. The award includes three work scopes covering subsea hardware, flowlines, and riser systems. Stress' responsibility includes engineering and project management design, with an initial completion date set for the end of the second quarter 2005. Stress will be providing final engineering definition of the above elements, as well as supporting the bid process for subsea trees, controls, seafloor flowlines, sleds, manifolds and production risers.

The Neptune discovery is located in the Gulf of Mexico's Atwater Valley lease protraction area in water depths exceeding 6000 ft. Development plans include a number of subsea wells located at several drill centers. The wells may be tied-back to a TLP production facility placed adjacent to the field.

Stress Subsea, Inc. is a subsidiary of Stress Engineering Services, and was established to provide high quality engineering support for the deepwater offshore market. Areas of expertise include subsea tie-back systems, pipeline/flowline design and project management. Stress Subsea was established in October of 2003 and has performed projects ranging from concept studies and cost trade-offs to front-end engineering (FEED) projects.