Stolt Offshore Awarded Deepwater Contract In Nigeria

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October 18, 2002

Stolt Offshore S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO) today announced the award of a contract from ExxonMobil’s Nigeria subsidiary for the flowlines and risers on the Erha field offshore Nigeria in a water depth of 1,200 metres.

The contract from Esso Exploration and Production Nigeria Limited is for an EPIC deepwater development for the engineering, fabrication, installation and pre-commissioning of 26 km of flowlines and steel catenary risers. These 10 tiebacks include service for production, water and gas injection lines, gas lift and production test and will link the two subsea drilling centres to the FPSO.

The Erha field is on OPL 209 in which Esso has a 56.25% operating interest and Shell Nigeria Exploration and Production Company Limited (SNEPCO) holds the remaining 43.75%. The Nigerian National Petroleum Corporation (NNPC) is the concessionaire of the production-sharing contract for this lease block.

The contract also calls for the fabrication and installation of an offshore loading buoy linked to the FPSO via dual steel export lines, together with 45 suction anchors that will be used to moor the drilling units, the FPSO, and the offshore loading system.

The Stolt Offshore owned Globestar fabrication yard in Warri, Nigeria, will fabricate the suction anchors and spools that will connect the flowlines to the subsea manifold. Other work to be performed in Nigeria will include; construction engineering, assembly of surface buoys, coating and installation of pipelines and risers and welding of pipeline and riser joints. Marine transportation will include Nigerian ships. The engineering subsidiaries of Stolt Offshore, Paragon Engineering in Houston and Paragon Litwin in Paris will also undertake engineering for this project.

Niels G. Stolt-Nielsen, Chief Executive Officer said, “The award of this important deepwater construction contract in Nigeria reflects our established track record in the development of deepwater fields of this type on the Girassol field in Angola and the La Ceiba field in Equatorial Guinea. We are confident that the technical challenges, risks and margin on this contract are all at an acceptable level.”

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