Mustang to Provide Design Services to Exmar's FPS System

Mustang Engineering has been selected by EXMAR OPTI, Ltd. to perform the detail design, procurement and vendor inspection services for the production facilities of EXMAR's OPTI-EX Floating Production System (FPS). The facilities, for which Mustang previously completed the front-end engineering design (FEED), will be used on the EXMAR-designed, re-deployable, single-level semi-submersible deck. The hull has also been designed by EXMAR subsidiary Exmar Offshore Company of Houston. The facilities will initially be designed for 40,000 BOPD and 50 MMscf/D gas, with expansion capabilities to accommodate a 50 MMscf/D gas tie-back and a wide range of flowline temperatures, oil gravities and pressures. Estimated cost of the topsides is valued at $125 million.

The simple, flexible and robust modular and re-deployable Mustang design is suitable for a variety of deepwater sites, with extensive use of engine-driven pumps and compressors producing significant power generation savings and reduced switch gear costs. Upon completion, scheduled for first quarter of 2009, the OPTI-EX facility is expected to be leased to an operating company for deployment in the U.S. Gulf of Mexico for early production or marginal field service. More oil discoveries are expected to be made over the next several years, which should increase the number of potential fields. It is expected that several of these new discoveries will be particularly suited to the potential use of the OPTI-EX floating production system. EXMAR's willingness to lease the facility under short term contracts will provide operators with an economic solution for production of these fields.

EXMAR is a diversified and independent shipping and offshore group serving the international gas and oil industry. Apart from providing the ships for the transportation of LPG and LNG, it also owns the FPSO Farwah and accommodations unit Kissama and performs marine operations and technical management of these vessels and for third parties. Through it's subsidiaries in Houston and Paris, EXMAR performs design and engineering services to the offshore industry. In addition to its head office in Antwerp, EXMAR has offices in Houston, London, Paris, Shanghai and Angola.