FPSO "Buffalo Venture" Re-deployed for PEARL's Jasmine Field

abarrelfullabarrelfull wrote on 18 Jul 2012 10:39

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December 27, 2004

MODEC, Inc. (TSE: 6269) announced today that its 50% subsidiary Buffalo FPSO Pte Ltd. has signed a contract with Singapore's PEARL Energy Group for the charter of FPSO "Buffalo Venture" for PEARL's Jasmine field offshore Thailand.

MODEC-owned FPSO "Buffalo Venture" is a tanker-converted FPSO with an external turret mooring system. MODEC had been operating the FPSO in BHPP's Buffalo field in Timor Sea, offshore Australia since December 1999 and the FPSO operation expired in December 2004. In late 2000 Nexen became a new field operator of the Buffalo field.

This is the first contract for MODEC to re-deploy its owned FPSO unit to another field.

Jasmine field is located approximately 300 km south of Bangkok in water depth of approximately 60m. Crude oil produced from the reservoir will be transported from a fixed platform via 1.5 km pipeline to the FPSO.

Modification and life extension of the FPSO will be undertaken in a shipyard in Singapore. Production from Jasmine field is scheduled to start in May 2005. The FPSO will be chartered for maximum 7 years.

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