Offshore staff

SINGAPORE -- SembCorp Marine subsidiary Jurong Shipyard has secured two FPSO conversion contracts worth $58 million from Tanker Pacific Offshore Terminals Pte. Ltd.

The first contract involves the conversion of the 92,802 dwt tanker M.T.Andaman Sea, which will be renamed FPSO Raroa upon completion in 4Q 2007. Modification will involve installing an internal turret and three boilers on deck to generate 20 MW of power, renewing the piping and electrical systems, and installing new process facilities, which include crude separation, water injection, and chemical injection.

When complete, theRaroa will be leased to OMV New Zealand for deployment in the Maari field. Designed to operate for 15 years without dry docking, FPSO Raroa will be capable of processing 40,000 b/d of oil and storing 646,548 bbl.

The second contract involves the conversion of the 148,255 dwt oil tanker M.T.Freeway into an FPSO for deployment in the Montara field, offshore Australia. On completion in 2Q 2008, M.T. Freeway will be renamed FPSO Montara Venture and will be chartered to Coogee Resources.

Scheduled to enter Jurong Shipyard in 2Q 2007, the vessel will undergo extensive life extension and conversion works, including an internal turret and process facilities for crude separation, gas compression, gas lift, and gas re-injection. Designed to operate for 20 years without dry docking, theMontara Venture will have a production capacity of 40,000 b/d of oil and a storage capacity of 900,000 bbl.

12/26/2006