Bibby Offshore lands FPSO management contract

FPS Ocean has entered into a technical, operational, and maintenance management agreement with Bibby Offshore Ltd for its first FPSO, the DeeP Producer 1, currently under conversion at Dubai Drydocks.

Offshore staff

ABERDEEN, UK -- FPS Ocean has entered into a technical, operational, and maintenance management agreement with Bibby Offshore Ltd for its first FPSO, the DeeP Producer 1, currently under conversion at Dubai Drydocks.

Houston's GreyStar Corp. will work under a subcontract to Bibby Offshore, providing topside process operations and management forDeeP Producer 1.

The vessel is in the middle of its second dry docking, which includes installation of two forward thruster room blisters, coating of part of the aft vessel, and penetrations in new pump room for DP system.

TheDeeP Producer 1 conversion project, scheduled for mechanical completion and commissioning in 2Q 2008 and available for "first oil" in the 3Q 2008, was about 80% complete as of year-end 2007.

1/10/2008

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