Exmar semi bound for GoM

LLOG Deepwater Development Co. LLC has agreed in principle to acquire the OPTI-EX semisubmersible production platform from EXMAR for use in the Gulf of Mexico.

Offshore staff

ANTWERP, Belgium -- LLOG Deepwater Development Co. LLC has agreed in principle to acquire the OPTI-EX semisubmersible production platform from EXMAR for use in the Gulf of Mexico.

The speculatively built platform is at the quay in Ingleside, Texas.

LLOG looks to install the facility in its Mississippi Canyon area development and initiate production in 2011. The platform will provide processing capacity of 60,000 b/d of oil and 150 MMcf/d of gas.

Completion of the transaction pends execution of definitive agreements and regulatory approval from authorities in the US.

Payment will be issued on attainment of various milestones over 62 months following installation and probably exceed $400 million.



06/17/2010

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