SBM Offshore inks Kizomba C FPSO deal

SBM Offshore has signed an agreement with Exxon Mobil affiliate Esso Exploration Angola (Block 15) Limited in which SBM will proceed with project development activities for two FPSOs for the Kizomba C development offshore Angola.

Offshore staff

(Angola)- SBM Offshore has signed an agreement with Exxon Mobil affiliate Esso Exploration Angola (Block 15) Limited in which SBM will proceed with project development activities for two FPSOs for the Kizomba C development offshore Angola.

While Esso is the operator of the block, further contracts for definitive leasing and operation agreements are subject to approval by the project co-venturers, Sonasing and OPS. Once these contracts are approved and signed, then the renumeration structure and duration of the leases will be disclosed.

The new FPSO conversions are an extension of Exxon Mobil's Early Production System (EPS) concept, with enhanced processing capacity. The FPSOs will be installed at the Mondo and the Saxi-Batuque fields in water depths of approximately 700 m. Each facility will be designed to produce 100,000 b/d of oil, with a storage capacity of nearly 2 MMbbl.

The FPSOs will be moored by external turrets and further fitted with large capacity water and gas treatment and reinjection facilities, in addition to the related power generation equipment.

The two units will be completed and installed on site offshore Angola by 2Q 2008.

01/24/2006

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