Compass Energy Buys the Petrobras XXIV Production Unit

Compass Energy has purchased on speculation the semisubmersible production unit, "Petrobras XXIV", for fast-track field development and offshore accommodation projects around the world.

The 88-meter LoA semisub production unit has been renamed the "Molly Brown" and is due to arrive in Singapore in mid-November 2005.

The unit was originally built as a drilling rig by Marathon Le Tourneau in Brownsville, Texas, and named "Penrod 72".

In 1987, the rig scored an industry first in the US Gulf of Mexico when Placid Oil Company converted her into a production unit and deployed her in the Green Canyon Block 29 as the gulf's first floating production facility, moored in over 500 meters (1530 feet) of water.

Two years later, Placid Oil abandoned the Green Canyon Block 29 field and sold the semisub to Chiles Offshore, which upgraded her in 1992 for Brazil's national oil company Petrobras to work in the Albacora oilfield in the Campos basin. Petrobras recently replaced the semisub with permanent production facilities.

The "Molly Brown" comes with heated process facilities for up to 60,000 barrels per day of oil (which is upgradeable), a gas export system, total power output of 8,000 kW, and accommodation for 94 men (upgradeable to 200 men). She does not require any major changes to the hull structure or the marine systems to continue serving as a floating production unit.

Commenting on the acquisition, Mr. Ken Crawford, General Manager of Compass Energy Group, said: "In the current oil price environment, the 'Molly Brown' is well positioned to tap oil and gas discoveries quickly and cost effectively."

The "Molly Brown" is the latest addition to a growing stable of offshore production assets owned by Compass Energy Group. The company currently owns a floating storage unit (FSO), Petrocom; a Very Large Gas Carrier (VLGC), Gas Concord, to be converted into an LPG FSO; and a matt-supported Mobile Offshore Production Unit (MOPU), Soraya.