BW Offshore Bags $100MM Pazflor Contract

BW Offshore has received a Letter of Award from Total Exploration & Production Angola for the engineering,
procurement and fabrication of a Buoy Turret Loading system for the PAZFLOR project Deep-Offshore Angola.

A consortium of BW Offshore's technology division APL (Advanced Production & Loading) and SBM Offshore has received a Letter of Award from Total E&P Angola for the Engineering, Procurement, Supply, Construction and Installation (EPSCI) of the Oil Loading System on the PAZFLOR project. BW Offshore's scope within the consortium consists of engineering, procurement and fabrication responsibility for the deep water buoy together with all associated mooring equipment. The BW Offshore contract value is approximately US $100 million and the project is due for delivery early 2011.

"We are very pleased with the confidence Total E&P Angola once again has put in BW Offshore, having delivered our first BTL(TM) to Total E&P Angola in 2006. The complexity of the PAZFLOR system confirms our leading position as a technology provider to the oil and gas industry," said Svein Moxnes Harfjeld, CEO of BW Offshore.

Different from the other APL systems, the BTL(TM) system is based on mooring to a buoy floating on the surface. The first BTL(TM) system was developed and installed on the Dalia field in 2006. Located about
150 kilometers off the coast of Angola and 40 kilometers northeast of Dalia, in depths of up to 1,200 meters, the Pazflor development involves bringing four fields into production.

The fabrication of the buoy and suction piles for mooring will be carried out at the Sonamet yard in Angola, as part of BW Offshore's determination to continue increasing local involvement in its projects.