Offshore staff

Keppel Verolme has secured an agreement with Petro-Canada (East Coast) for the repair of Terra Nova FPSO. The scope of work comprises maintenance, inspection and modification activities on both hull and process topsides systems of the Terra Nova FPSO.

Maintenance work being carried out includes survey and overhaul of thrusters, underwater maintenance and coating, and repair to the vessel and the process systems. Inspection and modification works cover the testing of cargo tanks and pressure vessels, extension of the accommodation quarters and modifications in the process modules.

The Terra Nova FPSO is operated by Petro-Canada, one of the largest integrated oil and gas companies in Canada. It has the largest interest in Terra Nova, which is co-owned by ExxonMobil Canada Properties, Husky Terra Nova Partnership, Murphy Oil Co. Ltd, Mosbacher Operating Ltd, Norsk Hydro Canada Oil & Gas Inc. and Chevron Canada Resources.

The vessel is expected to arrive at Keppel Verolme by mid July 2006. It is scheduled for delivery and deployment in the Terra Nova field, located 350 km ESE of St. John's Newfoundland, Canada, by mid September 2006.

6/7/06