Addax Petroleum Celebrates Sail Away of Knock Adoon FPSO

abarrelfullabarrelfull wrote on 03 Mar 2015 07:32

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Addax Petroleum Corporation ("Addax Petroleum") (TSX: AXC) announces that its subsidiary Addax Petroleum Development (Nigeria) Limited held a Sail Away Ceremony for the Knock Adoon FPSO (Floating Production, Storage and Offloading vessel) at the Dubai Drydocks Shipyard.

The Knock Adoon FPSO will replace the current Knock Taggart FPSO as Addax Petroleum's new key crude oil production, storage and export facility in its fields in OML123, offshore Nigeria. Designed to store a minimum of 1,700,000 barrels of crude oil, the Knock Adoon FPSO also offers a processing capacity of 60 mbbls/d (sixty thousand barrels per day) of crude oil and a total liquids (oil and water) processing capacity of 140 mbbls/d. Incorporated in this facilities upgrade and expansion is an off-loading buoy terminal to more efficient crude offloading and to accommodate larger tankers.

The contract for the provision of the FPSO was awarded to Fred Olsen Production AS. Upgrade works were carried out in the Dubai Drydocks Shipyard in preparation for vessel mobilisation to Nigeria. The vessel is expected to depart from Dubai in May. Addax Petroleum has the vessel under contract for an initial eight year period with options to extend.

Mrs Mabel Daukoru, wife of the Minister of State of Petroleum, Dr Edmund Daukoru, played the role as Godmother of the vessel.

Commenting on this event Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said: "This is a fabulous example of how to work together, with the cross-border work performed by the Fred Olsen, Drydocks Shipyard, DPR, NNPC, NAPIMS and Addax Petroleum teams. I sincerely thank them, and in particular Dr Edmund Daukoru for his personal unflinching encouragement and guidance, and salute all the efforts which have led to this wonderful accomplishment." Mr. Gandur added, "The Knock Adoon FPSO is a valuable asset for the company and its shareholders that will help us sustain production in our biggest producing field.

The Knock Adoon FPSO is the third FPSO contracted by Addax Petroleum in Nigeria after the Knock Taggart FPSO, chartered from Fred Olsen Production, in OML123 and the Sendje Berge FPSO, chartered in 2005 from Sendje Berge Ltd in OPL90.

About OML123
OML123 is the Corporation's largest property as measured by reserves and production. It is located offshore approximately 70 km south of the town of Calabar, Nigeria and covers an area of 90,700 acres (367 km2) in water depths ranging from 3 to 40 m on the eastern edge of the Niger Delta. In March 2006, oil production from OML123 was in excess of 50 mbbls/d.

About Addax Petroleum:
Addax Petroleum is an international oil and gas exploration and production company focused on Africa and the Middle East. Addax Petroleum is the largest independent oil producer in Nigeria and has increased its crude oil production from an average of 8,800 barrels per day for 1998 to an average to date of approximately 80,000 barrels per day in 2006. Further information about Addax Petroleum is available at or at

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