Premuda Group Acquires Four Vanguard FPSO

In February 2006 Premuda Group purchased a 10% share, of Four Vanguard Servicos E Navegacao Lda. (FVSN) from Vanguard Floating Production Ltd., a subsidiary of London Marine Group (LMG). Thus, Premuda Group became the sole shareholder of FVSN, the company that owns the FPSO "Four Vanguard".

This FPSO is moored in the Woollybutt field on the North West shelf in Western Australia, and is currently under a lease contract to ENI Australia Ltd. As a result of its purchase from LMG, Premuda Group now has full ownership, through FVSN, not only of the FPSO but also of Australian FPSO Management Pty Ltd., the company that manages the operations of the FPSO from its office in Perth, Western Australia.

This sale and purchase was completed to the full satisfaction of both Premuda and LMG, allowing both companies to focus on their objectives. Premuda Group will consolidate its services to oil companies, including the provision of FPSOs and FSOs. LMG will concentrate on its core business, which is the design of mooring systems for these vessels, and services to heavy lifting contractors, through its subsidiary London Maritime Consultants.