Stolt Offshore S.A. announces $550 million contract win in deepwater Angola

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February 18, 2004 - Stolt Offshore S.A. (NasdaqNM: SOSA; Oslo Stock Exchange: STO) announced today the award of a contract from BP Angola for the Engineering, Procurement, fabrication, and installation of umbilicals risers and flowlines on the Block 18, Greater Plutonio field, offshore Angola.

The contract, worth $730 million in total, has been awarded to a consortium of Stolt Offshore and Technip, $550 million representing Stolt Offshore's share of the work. The contract calls for Stolt Offshore to lead the consortium in the installation of over 75km of 12-inch diameter insulated production, gas injection and service flowlines, 103km of umbilicals. In addition, the consortium will install the 12 FPSO mooring lines and 10 production manifolds, to tie-in the subsea wells and the final hook-up of the FPSO by means of a single riser tower. The water depth at Greater Plutonio is 1350 metres.

Stolt Offshore will fabricate the riser tower, production manifolds and mooring piles at the Sonamet yard, a 50:50 joint venture between Stolt Offshore and Sonangol, at Lobito in Angola. NKT Flexibles, a 49:51 joint venture between Stolt Offshore and NKT, will provide the dynamic risers that connect the riser tower to the FPSO. Engineering will begin with immediate effect with offshore installation completing in 2007.

Tom Ehret, Chief Executive Officer, said, “This award, the largest in our history, is an outstanding endorsement of Stolt Offshore’s global leadership in frontier deep water installation. It reflects our field proven concepts and installation expertise in projects including Girassol, Bonga and Erha. It also underscores the value of Stolt Offshore’s commitment to local content which has been a feature of our West African success.

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