Nexen Awards Bluewater Ettrick Field Contract

Nexen Petroleum and its co-venturers have awarded Bluewater a contract for the production facilities and operations for the Ettrick field. The field is located in the UK sector of the Central North Sea in approximately 115 meters of water.

Nexen, the operator, holds 79.73 percent interest in the project. Its partners include Bow Valley Petroleum (12 percent) and Atlantic Petroleum (8.27 percent).

The agreement calls for Bluewater to provide and operate a floating production, storage and offloading (FPSO) vessel for an initial term of five years with extension options. Bluewater's scope comprises the design, supply, and operation of the FPSO--including topsides and a disconnectable turret mooring system.

The FPSO will be based on Bluewater's own new-built, Aframax size FPSO hull named "Aoka Mizu", which will undergo an extensive conversion program for the project. Its design capacities are 30 MBOPD processing, 35 MMSCFD gas compression, and 55 MBWPD injection. Bluewater plans to install and commission the Aoka Mizu to commence production at the Ettrick field by the first quarter of 2008.

The Ettrick field is located in the Outer Moray Firth approximately 120 kilometers northeast of Aberdeen in blocks 20/2a and 20/3a. Development will be based on three production wells and three water injectors tied back to the FPSO, and oil will be offloaded to shuttle tankers.

"We are pleased to add another new built FPSO to our North Sea FPSO fleet", stated Hugo Heerema, Bluewater's president. "FPSOs still offer one of the most cost-effective solutions for developing marginal fields, and we still see a great deal of potential for such application in the North Sea."

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