APL to Install STP Buoy on the MA-D6 Field Offshore India

BW Offshore's subsidiary APL (Advanced Production & Loading) has entered into an agreement with Aker Floating Production for the installation of the APL delivered Submerged Turret Production (STP) Buoy and related equipment for the MA-D6 oil and gas field offshore India. APL will additionally install other subsea structures for the project. The installation will take place during the first quarter of 2008.

The award of the contract coincides with the launch a new business within BW Offshore; BW Offshore Installation Services (BWOIS).

BWOIS will in due course acquire one or more vessels for conversion to installation vessels. BWOIS will offer installation services to BWO FPSOs on new contracts, APL turret, terminal and mooring deliveries as well as to external customers.

With the establishment of BWOIS, BWO will be able to offer a broader base of services to the development of offshore oil and gas fields. There is strong demand for installation services and this venture is an example of a new business area being developed through the combination of BWO and APL.

The market for FPSOs and the development of offshore oil and gas fields remains strong with a solid outlook for the coming years.

CEO Svein Moxnes Harfjeld comments "We are very pleased to inform the market of this contract and excited about the prospects of our new business area; BW Offshore Installation Services. We have a substantial internal market for installation services and this activity will form an important part in our strategy to become the leading provider of offshore production services."