Burgundy Global to lease Nexus FPSO

Nexus Floating Production has signed a letter of intent with Burgundy Global Exploration Corp. (BGEC) for the lease of the FPSO Nexus #1.

Offshore staff

ARENDAL, Norway -- Nexus Floating Production has signed a letter of intent with Burgundy Global Exploration Corp. (BGEC) for the lease of the FPSO Nexus #1.

The seven-year managed lease contract totals approximately $800 million. Field specific adaptations of the generic unit will be compensated separately.

The FPSO is for the Camago Malampaya Oil Leg project, which will develop the oil rim in the Malampaya field, offshore the Philippines 70 km (43 mi) from the Palawan Islands, in 850 m (2,789 ft) of water. First oil is scheduled for 1Q 2010.

BGEC owns 84.9% of the project, and Philippines National Oil Co. Exploration Corp. owns 15.1%.

07/31/2008

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