SBM Offshore provides information on recent company activity in Brazil, Turkmenistan and Nigeria.

The Company, under an EPCI contract with the Frade B.V., has completed installation of the 'FPSO Frade', which commenced oil production on 20 June 2009. The FPSO Frade is situated in the Frade field, which is located 375 kilometres northeast of Rio de Janeiro in the Campos Basin, offshore Brazil, in approximately 1,080 meters of water depth.

The 'FPSO Frade' is moored by an internal turret able to accommodate 33 risers and has topsides capacity for the production of 100,000 barrels of oil treatment and compression of 106 million standard cubic feet of gas, and treatment and injection of 150,000 barrels of water per day.

The 'FPSO Frade' is the most complex system the SBM has supplied in terms of topsides facilities with project duration of 36 months from signing of the contract in 2006. A total of approximately 18 million work-hours have been attributed to the project.

SBM Offshore started operations of the unit following production readiness on the 19 June 2009 under a separate Operations Contract for a period of three years.

Turkmenistan MOPU and FSO purchase transaction completed

The purchase by Petronas Carigali of the MOPU and FSO facilities (MOPU/FSO Oguzhan) currently operating in Turkmenistan has been completed with an effective date of 19 June 2009. As previously announced, the transaction generates non-recurring turnover of US$ 51.5 million, and a post-tax profit of US$ 30 million.

SBM Offshore supplied the MOPU and FSO facilities in May 2006 under a lease and operate contract of three years with an additional three years of extension options. Since start-up the facilities have been operating at a 99.5% production uptime with a total of 158 successful cargo offloads to shuttle tankers.

Tags: SBM Offshore N.V.