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Santos signs LOI for subsea infrastructure at VIC/P44

Offshore staff

HOUSTON – Santos Ltd. has issued a letter of intent to Helix Energy Solutionsto Helix Energy Solutionsfor installation of the Phase 2 subsea infrastructure offshore Australia in the Otway basin at VIC/P44.

The LOI calls for Helix to prepare and weld a 22 km (13.5 mi), 12 in (30.5 cm) gas pipeline, install the pipeline, control umbilical, flowline jumpers, and control flying leads, and to pre-commission the system.

Valued at $80 million, the project is scheduled to begin in 4Q 2008 and to use Helix's MSV Express.

Santos, with 50% is operator. Peedamullah Petroleum Pty Ltd. (Australian Worldwide Exploration) holds 25% and Mitsui E&P Australia Pty. Ltd. has 25%.

10/12/2007

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