Technics Oil & Gas Kicks Off FY2008 On A High Note with New Client - Norway-Listed Leading FPSO Contractor, BW Offshore

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11 October 2007

Technics Oil & Gas Limited (“Technics” or the Group) announced today that wholly owned subsidiary, Technics Offshore Engineering Pte Ltd, has sealed its first contract with BW Pioneer Ltd (c/o BW Offshore as an agent).

Oslo Stock Exchange-listed BW Offshore builds, owns and operates oil and gas floating, production, storage and offloading (“FPSO”) vessels. It is one of the world’s leading FPSO contractors, backed by 25 years’ experience and a track record of 12 successfully delivered FPSO projects and assets operating in Mexico, Nigeria, Mauritania, Malaysia and Russia.

The main contract amounts to S$17.0 million and encompasses the overall design of the process engineering, detailed engineering and calculations, procurement of major equipment and fabrication /construction (i.e., “EPCC Basis”), for two modules of gas compression systems and one unit of gas treatment and processing module.

Each gas compression system will feature a premier 4,400 horsepower compressor by US manufacturer Ariel Inc., for which Technics has been qualified as an authorized packager since 2005, 4,400 horsepower electric motor, cooler, associated gas scrubbing and processing vessels, including PLC controls and instrumentation. When fully constructed, each gas compression module will tower over 15 metres in height and weigh over 300
tonnes.

Technics also offered a separate option worth S$1.5 million for the provision of supplementary works and supplies of parts, which BW Offshore is likely to take up later.

This contract is in conjunction with BW Offshore confirming its first contract with Petrobras America Inc. for the conversion, installation and operation of an FPSO at Chinook Cascade oil fields for up to 8 years, including option periods of up to 3 years.

The two gas compression modules to be built by Technics will be installed onboard this landmark FPSO by BW Offshore for gas vapour recovery and gas export applications, with the gas treatment and processing module for gas dehydration application.

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