January 15, 2015
SBM Offshore is pleased to announce that this week the Company received formal Production Readiness Notice (PRN) for N'Goma FPSO from client Eni, operator of Block 15/06 on behalf of the Joint Venture which also includes Sonangol Pesquisa e Produção, SSI Fifteen Limited and Falcon Oil Holding Angola SA. Following successful first oil in November 2014 and completion of the 72 hour continuous production test in early December 2014, PRN goes into effect retroactively to November 28, 2014 and the vessel is on hire from that date onwards. The FPSO will operate under a twelve year lease and operate contract with Eni Angola S.p.A on Block 15/06, West Hub, offshore Angola.
The FPSO is owned by Sonasing and operated by OPS, a Joint Venture company formed by SBM Offshore (50%) and Sonangol (50%). N'Goma FPSO was previously on hire as FPSO Xikomba and was disconnected in 2011 from Block 15 offshore Angola after concluding eight years of operations. SBM Offshore converted FPSO Xikomba, renaming it N'Goma FPSO, at the Keppel shipyard in Singapore before the vessel set sail for the Paenal yard in Angola where it completed the final scope of work on time.
The vessel has 100,000 bpd of oil processing capacity, 115 mmscf/d of gas handling capacity and water injection capacity of 120,000 bpd.
Corporate Profile
SBM Offshore N.V. is a listed holding company that is headquartered in Schiedam. It holds direct and indirect interests in other companies that collectively with SBM Offshore N.V. form the SBM Offshore group ("the Company").
SBM Offshore provides floating production solutions to the offshore energy industry, over the full product life-cycle. The Company is market leading in leased floating production systems with multiple units currently in operation, and has unrivalled operational experience in this field. The Company's main activities are the design, supply, installation, operation and the life extension of Floating Production, Storage and Offloading (FPSO) vessels. These are either owned and operated by SBM Offshore and leased to its clients or supplied on a turnkey sale basis.
Group companies employ over 10,500 people worldwide, who are spread over five execution centres, eleven operational shore bases, the joint ventures with several construction yards and the offshore fleet of vessels. Please visit our website at www.sbmoffshore.com.
The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate entities. In this communication "SBM Offshore" is sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general, or where no useful purpose is served by identifying the particular company or companies.
The Management Board
Schiedam, The Netherlands, January 15, 2015
For further information, please contact:
Investor Relations
Nicolas D. Robert
Head of Investor Relations
| Telephone: | +377 92 05 18 98 |
| Mobile: | +33 (0) 6 40 62 44 79 |
| E-mail: | nicolas.robert@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Media Relations
Anne Guerin-Moens
Group Communications Director
| Telephone: | +377 92 05 30 83 |
| Mobile: | +33 (0) 6 80 86 36 91 |
| E-mail: | anne.guerin-moens@sbmoffshore.com |
| Website: | www.sbmoffshore.com |
Disclaimer
Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management's current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of the Company's business to differ materially and adversely from the forward-looking statements. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as "believes", "may", "will", "should", "would be", "expects" or "anticipates" or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. SBM Offshore NV does not intend, and does not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.
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