SSP Offshore Forms JV in Singapore to Market Round FPSO

SSP Offshore has entered into an agreement with Dubai‐based Global Process Systems Inc. (GPS) to form a 50/50 joint venture operating
under the name Global SSP. The new JV will focus on commercializing the proprietary SSP® platform, a region‐specific economically focused round floater that provides the flexibility and deck space required for storage, processing, offloading and drilling in a wide range of applications and working environments.

The patented SSP hull does not require a turret or CALM buoy, resulting in game‐changing technical and commercial advantages when compared to existing FPSOs, semisubmersibles, TLPs and spars. Global SSP will have exclusive rights under license to market, build, lease and sell the SSP platform in Southeast Asia, the Middle East, Australia/New Zealand and the Caspian offshore areas. The new JV will be jointly managed by SSP Offshore and GPS, and will be based in Singapore.

Dan Wilson, Acting CEO of SSP Offshore, stated that, "The alliance with GPS marks a major step in commercialization of the SSP platform. In addition to its strong reputation and marketing reach, GPS' expertise in offshore modular design and fabrication will significantly enhance our execution capability in bidding, building and installing SSP units globally."