Stolt Offshore Awarded $250M Contract

Stolt Offshore has been awarded a new contract by Petrobras for a firm period of six years for deepwater flexible pipelay offshore Brazil. The contract which will commence in January 2007 and is valued at approximately $250 million, will be undertaken by the CS Pertinacia which will be on long-term charter to Stolt Offshore from mid 2006. At the start of the charter period the ship will be converted from her original cable lay configuration to enable her to transport and install up to 2,500 tons of flexible flowlines. The investment in the ship conversion and in project specific equipment will be approximately $55 million.