Stolt Offshore S.A. Receives $50 million Letter of Authorisation

Stolt Offshore S.A.have signed a letter of authorisation for the design, supply and offshore installation of a Deepwater Offloading Export System for the Agbami development offshore Nigeria. Other Partners in the Agbami Development include Texaco Nigeria Outer Shelf Inc. (an affiliate of the Chevron Corporation), Petroleo Brasileiro Nigeria Limited, Statoil Nigeria Limited, Famfa Oil Limited and the NNPC.

The letter of authorisation was signed by a consortium of Stolt Offshore, SBM and a Chevron subsidiary, Star Deep Water Petroleum Limited, Nigeria. The work to be carried out by Stolt Offshore amounts to approximately $50 million and is for the fabrication and installation of two 20" steel oil offloading pipelines and the installation of floating offloading hoses. The offloading buoy, which is 23 metres in diameter, together with its moorings will be supplied and installed by SBM. Stolt Offshore's Globestar yard at Warri will be used as the onshore base and for logistic support for this project. The offloading system will be installed in a water depth of 1,400 metres by the Seaway Polaris during the first quarter of 2008.

JP Capron, Vice President, Africa and Mediterranean Region said "This letter of authorisation recognises Stolt Offshore's capabilities in this type of installation. The Agbami offloading system will be the third project of this type that we have performed in deepwater West Africa."

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Posted 20/07/05

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