CorrOcean Wins Contract for White Rose Project

CorrOcean has been awarded a $1 million contract by Cameron for the provision of its high-accuracy digital subsea SenCorr PT Pressure - Temperature sensor systems. The sensors will monitor the pressure and temperature of produced fluids, and be deployed on the subsea trees for Husky Energy's White Rose development project. Dave Rees, President of CorrOcean, Inc. in Houston said "This important award offshore Atlantic Canada follows recent similar successes for CorrOcean on deepwater projects in the Gulf of Mexico, and represents growing industry acknowledgement of the technical advancements embodied by the SenCorr sensor system. In addition to pressure and temperature, for example, digital sand erosion and flow force measurements can also be integrated into the same subsea probes."

The White Rose development is located on the eastern margin of the Jeanne d'Arc basin, approximately 350 kilometers east of St. John's, Newfoundland, and is the third major oil field project in the basin, following Hibernia and Terra Nova. Husky Energy Inc. holds a 72.5% interest in White Rose and is the operator, with Petro-Canada owning the remaining 27.5%.

The subsea production system for White Rose will include a total of 42 kilometers of flexible risers, flowlines and umbilicals, five subsea manifolds and up to 21 Christmas trees and wellheads. White Rose received project sanction in March 2002 and first oil is scheduled to commence prior to the end of 2005.