Sonangol awards FPSO for Gimboa field

A contract for provision and management of an FPSO for offshore Angola has been awarded to Saipem by Sonangol P&P.

Offshore staff

MILAN, Italy -- A contract for provision and management of an FPSO for offshore Angola has been awarded to Saipem by Sonangol P&P.

The $570-million contract is for six years with a five-year extension option to Sonangol. Saipem will convert an oil tanker into an FPSO with 1.8 MMbbl of oil storage and production capacity of 60,000 b/d.

Delivery to Gimboa field, 85 km offshore in block 4/05 at a water depth of 700 m, is scheuled for early 2008 to coincide with first production.

9/29/06

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