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Converted FPSO Delivered to Petrobras

Maritime Activity Reports, Inc.

October 29, 2004

The newly converted FPSO P-43 has been delivered by Brazil’s Maua Jurong Shipyard to state-owned oil company Petrobras for operation in the Campos Basin. The Halliburton subsidiary Kellogg Brown & Root was responsible for the conversion of this former VLCC. The Maua Jurong Shipyard is currently in the middle of converting another VLCC into an FPSO for Petrobras - P-50 arrived from Singapore’s Jurong Shipyard last month and is undergoing topsides integration and commissioning work in Brasil before entering service in the Albacora Leste field in the Campos Basin in 2006. The same yard is also converting the 272,631dwt tanker Barao de Maua into the FPSO P-54 for Petrobras.

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