PGS Announces New FPSO Contract

abarrelfullabarrelfull wrote on 11 Jan 2013 14:14

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June 28, 2000—Petroleum Geo-Services ASA (NYSE:PGO)(OSE:PGS) announced today that it has entered into a letter of intent with Statoil to produce the Glitne field in the Norwegian sector of the North Sea. This letter of intent is subject only to final documentation and a government approval of the field development plan.

PGS will produce this field with its floating production, storage and offloading ("FPSO") vessel "Petrojarl I." The duration of the contract is expected to be between 26 and 30 months with the first 18 months guaranteed by Statoil. PGS will be compensated for its production services at a dayrate expected to average approximately $162,000 per day, including a provision for certain upgrades to the processing facilities and the potential use of a shuttle tanker. Production is expected to commence around July 1, 2001.

Reidar Michaelsen, chairman and chief executive officer of Petroleum Geo-Services, stated, "We are extremely pleased to be awarded this important long-term contract in Norway. In addition, this is the tenth consecutive contract the "Petrojarl I" has been awarded since it was commissioned in 1986. The continuous use of this FPSO since its entry into the harsh environment market confirms that quality, high technology FPSOs can be redeployed numerous times during their economic life."

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