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HOOFDDORP, Netherlands--(BUSINESS WIRE)--June 30, 2005—Société Bluewater Energy Services B.V. Bluewater (Dyphavet) BV, filiale du groupe de sociétés Bluewater, et la société norvégienne Standard Marine Nordsjo AS, filiale d'Exxon Mobil Corporation, ont formé un partenariat (PR Jotun DA) afin de racheter l' unité flottante de production, stockage et déchargement en mer Jotun A à ses propriétaires actuels qui participent au développement du champ pétrolier de Jotun. Il s'agit d'ExxonMobil Exploration and Production Norway AS, d'Enterprise Oil Norge AS (filiale d'A/S Norske Shell), de Lundin Norway AS et de Petoro AS.
( BW)(BLUEWATER) Bluewater Forms Joint Venture with ExxonMobil in Norway to Purchase the FPSO Jotun A
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HOOFDDORP, Netherlands--(BUSINESS WIRE)--June 30, 2005--Bluewater Energy Services B.V. Bluewater (Dyphavet) BV, a member of the Bluewater Group of Companies, and the Norwegian company Standard Marine Nordsjo AS, an affiliate of Exxon Mobil Corporation, have formed a partnership (PR Jotun DA), for the purchase of the FPSO Jotun A from its current owners being the participants in the Jotun field development: ExxonMobil Exploration and Production Norway AS, Enterprise Oil Norge AS (being an affiliate of A/S Norske Shell), Lundin Norway AS and Petoro AS. The FPSO, operated by ExxonMobil, has been producing on the Jotun field located in the Norwegian sector of the North Sea since 1999
Terms of the agreement call for its current owners to lease back the FPSO from the newly formed partnership by means of a Bareboat Charter having a minimum term of five years with the possibility to extend the contract up to 15 years.
Bluewater will hold 55% ownership in the FPSO, with Standard Marine Nordsjo AS (SMNAS) holding the remaining 45%. The transaction includes an option for possible transfer of ownership between SMNAS and Bluewater at termination of the lease contract
The Bareboat Charter is expected to continue for the remaining life of the Jotun field, and the field life will be dependent on product prices, costs and other activities in the area.
ExxonMobil will continue to operate the FPSO
The FPSO Jotun A has a storage capacity of 584,400 bbl (AFRAMAX size tanker) and was built by Kvaerner Masa (now Aker Finnyards).
At its peak the FPSO was processing around 145,000 bbls/d, ranking it among the highest capacity FPSOs in the North Sea
"This is an important step into the Norwegian market for Bluewater," stated Hugo Heerema, President of Bluewater Energy Services B
.V.
"This vessel was designed and built to a very high standard to withstand the extremely harsh environment of the North Sea.
It complies with all the stringent Norwegian regulatory and statutory requirements.
Therefore, it is an asset that fits well with Bluewater's strategy of investing in the highest quality FPSOs.
As well, Norway has long been recognised as an important oil and gas region, and we are very pleased to enter into this partnership with ExxonMobil in Norway
Bluewater Energy Services B.V. is a member of the Bluewater Group of Companies that has built a technological lead specialising in lease and operation of tanker-based Production and Storage systems, and has become a leading provider of Single Point Mooring systems.
Bluewater operates worldwide with offices in The Netherlands, United Kingdom, United States, Nigeria, Angola, South Africa, Singapore and China.
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CONTACT:
Bluewater Energy Services B.V., Hoofddorp
Jeanne Righter Telephone: +31-23-568-2828
FAX: +31-23-554-2160
E-mail: jeanne.righter@bluewater.com
Website: www.bluewater.com
