SBM Offshore awarded Letters of Intent for two FPSO lease contracts by Petrobras

SBM Offshore awarded Letters of Intent for two FPSO lease contracts by Petrobras 
Petrobras awards two FPSO contracts to SBM Offshore 
SCHIEDAM, NETHERLANDS -- (Marketwire) -- 03/26/13 --  SBM Offshore is
pleased to announce that it has received a Letter of Intent(LOI) for
the twenty year charter and operation of two (2) FPSOs from BM-S-11
subsidiary Tupi BV on 22 March 2013. 
The FPSOs will be deployed at the Lula field in the pre-salt province
Brazil. BM-S-11 block is under concession to a consortium
comprised of PETROBRAS
(65%), BG E&P Brasil Ltda. (25%), and Petrogal
Brasil S.A.(10%). 
The FPSOs will be owned and operated by a Joint Venture company owned
by SBM
Offshore with other partners including Queiroz Galvao Oleo e
Gas S.A.(QGOG). SBM Offshore will be in charge of the construction of
the two FPSOs with planned delivery expected respectively by end 2015
and early 2016. 
The FPSOs will be executed with significant local Brazilian content,
with substantial parts of the project management, procurement and
engineering services carried out in Brazil. A substantial part of the
topside module fabrication, integration, and commissioning will be
performed at the Brasa yard,
jointly owned and managed by SBM
Offshore, near Rio de Janeiro in Brazil. 
Both FPSOs will be deployed in the Lula fields some 300 kilometres
offshore Rio
de Janeiro. SBM Offshore will convert two double hull
sister vessels into FPSOs,
to be moored in approximately 2,300 metres
water depth and with a storage capacity of 1.6 million bbl each. The
topside facilities of each FPSO come in at around 22,000 tons, will
be able to produce 150,000 bpd of well fluids and have
associated gas
treatment capacity of 6,000,000 Sm(3)/d. The water injection capacity
of the FPSOs will be 200,000 bpd each. 
The total Contract Value for which the Joint Venture company owned by
SBM Offshore and QGOG will acquire the two FPSOs is approximately US$
3.5 Billion. 
Contract finalisation is expected by Q2 2013. 
Bruno Chabas, CEO of SBM Offshore commented: 
"We are delighted to have been selected by Petrobras for this
significant project and look forward to starting work on the FPSOs,
which are amongst the
largest ever built by SBM Offshore. Jointly,
the two FPSO's represent the biggest contract ever awarded 
to us,
underlining our unparalleled expertise and
leading position in the
market for large-scale tanker conversions to FPSOs." 
The Board of Management 
Schiedam, 26 March 2013 
To  see the  complete version  of this  press release,  please click
on the link
SBM Offshore Press Release: 
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Source: SBM Offshore N.V. via Thomson Reuters ONE 
For further information, please contact: 
Investor Relations
Sebastiaan de Ronde Bresser
Investor Relations Officer
Telephone: (+377) 92 05 85 15
Mobile: (+33) 643 919 312
Media Relations
Anne Guerin-Moens
Group Communications Director
Telephone: (+377) 92 05 30 83
Mobile: (+377) 680 863 691
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