SeaRose FPSO Arrives at White Rose Oil Field

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August 22, 2005

Husky Energy announced today that the SeaRose FPSO (floating production, storage and offloading vessel) has arrived at the White Rose oil field, 350 kilometres east of St. John’s, Newfoundland, following a 48-hour journey from Marystown.

The SeaRose FPSO arrived in Marystown in April 2004, where topsides fabrication, installation and commissioning were carried out. A ceremony was held in Marystown on July 4, 2005 to commemorate the readiness of the vessel to sail to the field.

The SeaRose FPSO departed Marystown on Saturday, August 20 following 48 hours of sea trials testing and reached the White Rose oil field today. The vessel will now connect to a subsea production system and then undergo approximately three months of offshore hook-up and commissioning in preparation for first oil.

“The arrival of the SeaRose FPSO on the Grand Banks marks the successful completion of an important milestone in the White Rose project,” said Mr. John C.S. Lau, President and Chief Executive Officer, Husky Energy Inc. “We are pleased that the White Rose project remains on time and on budget and look forward to achieving first oil later this year.”

Husky Energy owns 72.5 percent of the White Rose project and is the operator. At peak production, the oil field is estimated to produce approximately 100,000 barrels per day and Husky’s share is expected to average 67,500 barrels per day on an annual basis. Husky’s share of proven and probable reserves for the field is estimated at 165 million barrels.

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