Stolt Offshore Awarded Dalia FPSO Topsides Contract

Friday, May 09, 2003
Stolt Offshore has been awarded, by TotalFinaElf E&P Angola, a contract, as part of a Joint Venture with Technip-Coflexip and Saipem-SA, for the FPSO topsides on the Dalia field development in Block 17 offshore Angola. The contract, valued in excess of $550 million, is for the topsides modules and their integration to the hull and will be carried out in consortium with Samsung Heavy Industries and the Daewoo Shipbuilding and Marine Engineering Company in South Korea. The Joint Venture will take responsibility for project management, engineering, procurement, onshore commissioning and offshore hook-up of the FPSO, which represents a value of around $430 million of which the Stolt Offshore share is 27.5%. In addition the Consortium will be responsible for various items of equipment that are to be assigned by TotalFinaElf, including the management of the contract awarded to Samsung Heavy Industries to build the FPSO hull in South Korea. The Dalia field FPSO will have a design capacity of 240,000 barrels per day of crude oil and two million barrels of storage capacity. It will have a total liquids handling capacity of 405,000 barrels per day and a gas compression capacity for up to 8 million standard cu. m. of gas per day.

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