GPS, JV Partner Tapped for 2 MOPUs for Offshore Malaysia Ops

Global Process Systems Inc.

Global Process Systems Inc. ("GPS") and its joint venture partner MISC Bhd have been awarded a multi-million dollar contract by PCPP Operating Company Sdn Bhd of Malaysia for the lease of two Mobile Offshore Production Units ("MOPUs") for deployment offshore Sarawak, Malaysia. The contract is worth approximately US$320 to US$360 million (RM1.07 to RM1.21 billion) with an estimated capital expenditure of between US$150 and US$170 million. PCPP is a joint-venture company between Petronas Carigali Sdn Bhd, Pertamina and PetroVietnam Investment and Development Company.

The MOPUs will be deployed on the D30 and DANA Field Development projects on Block SK305 offshore Sarawak, for a contract period of ten years. First oil is expected in June and September 2009 respectively. This marks the first time that Petronas will utilise MOPUs, proven to be a more cost-effective and faster method of bringing hydrocarbons on stream as compared to conventional production platforms.

The project will be undertaken via MISC's subsidiary, Malaysia Offshore Mobile Production Ltd ("MOMPL"). GPS, an international provider of MOPU solutions, is MISC's partner in this venture. MISC holds a 70% stake in MOMPL with GPS owning the remaining 30%. .

On concluding the deal, GPS Chief Executive Clint Elgar, said, "This marks another significant milestone for the GPS Group in the MOPU market. We already have three MOPUs in service and this contract to supply two units for deployment in Malaysia is a major achievement for us."

The upgrade and conversion works of the MOPUs will be undertaken by MISC's wholly owned subsidiary, Malaysia Marine & Heavy Engineering Sdn Bhd in Pasir Gudang, Johor, Malaysia.