Shell, StatoilHydro, ExxonMobil to support Badger Explorer prototype

Offshore staff

STAVANGER -- Shell, StatoilHydro, and ExxonMobil have signed an agreement to provide Badger Explorer with operational and technical support, along with access to onshore facilities, offshore facilities, vessels, equipment, technology, other facilities, data, and skill sets for the completion of the Badger Explorer prototype, through to and including commercial operations.

The three companies have first right of refusal to buy an equal share of the full manufacturing and operational capacity of all Badger Explorers at market price for a period of three years from commercialization. Should a partner not employ its first right of refusal, this right and the corresponding share of manufacturing capacity will fall to the remaining partner(s).

ExxonMobil, Shell, and StatoilHydro have been sponsors of Badger Explorer prototype development program since 2005.

12/19/2008