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Conversion of FPSO Aseng Continues

Maritime Activity Reports, Inc.

July 18, 2011

Keppel Shipyard Ltd's (Keppel Shipyard) conversion of the FPSO Aseng is nearing completion. The FPSO will be operated by Aseng Production Company Ltd, a joint venture by SBM Offshore and Compania Nacional de Petroleo de Guinea Ecuatorial (GEPetrol), the national oil company of Equatorial Guinea.

Chartered by Noble Energy for the development of the Aseng field in offshore Equatorial Guinea, FPSO Aseng is designed to process 80,000 barrels of oil per day and store approximately 1.7 million barrels of oil.

HE Marcelino Owono Edu, Minister of Mines, Industry and Energy of Equatorial Guinea, witnessed the naming of the FPSO by his daughter, Señorita Doña Ayingono Owono Nchama, at Keppel Shipyard.

Keppel's work scope on FPSO Aseng includes refurbishment and life extension works, upgrading the accommodation facilities, installing and integrating the topsides as well as fabricating and integrating the internal turret.

Since 2000, Keppel and SBM have completed 13 FPSO/FSO conversion projects together. FPSO Aseng is the second FPSO project which Keppel Shipyard and SBM are delivering for Equatorial Guinea.

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