Stolt Offshore S.A. Joint Venture Awarded Dalia FPSO Topsides Contract

abarrelfullabarrelfull wrote on 16 Jul 2012 06:09
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May 07, 2003

Stolt Offshore S.A. (Nasdaq: SOSA; Oslo Stock Exchange: STO) today announced that it had been awarded, by TotalFinaElf E&P Angola, a contract, as part of a Joint Venture with Technip-Coflexip and Saipem-SA, for the FPSO topsides on the Dalia field development in Block 17 offshore Angola.

The contract, valued in excess of $550 million, is for the topsides modules and their integration to the hull and will be carried out in consortium with Samsung Heavy Industries and the Daewoo Shipbuilding and Marine Engineering Company in South Korea. The Joint Venture will take responsibility for project management, engineering, procurement, onshore commissioning and offshore hook-up of the FPSO, which represents a value of around $430 million of which the Stolt Offshore share is 27.5%.

In addition the Consortium will be responsible for various items of equipment which are to be assigned by TotalFinaElf, including the management of the contract awarded to Samsung Heavy Industries to build the FPSO hull in South Korea.

Tom Ehret, Chief Executive Officer of Stolt Offshore, said, “This award continues to strengthen our well established market position in Angola and follows on from the successful Girassol project, also operated by TotalFinaElf on which Stolt Offshore was the leader of a similar consortium.”

The Dalia field FPSO will have a design capacity of 240,000 barrels per day of crude oil and two million barrels of storage capacity. It will have a total liquids handling capacity of 405,000 barrels per day and a gas compression capacity for up to 8 million standard cubic metres of gas per day.


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