Sembcorp Marine's subsidiary SMOE secures a letter of intent for an EPC contract to build an offshore platform integrated topside for the North Sea

Monday, Feb 11, 2013

SMOE, a wholly-owned subsidiary of Sembcorp Marine, has secured a contract worth about S$900 million from Det norske oljeselskap ASA, Norway (www.detnor.no) for engineering, procurement and construction of the Process, Drilling and Quarters Platform (pdQ) Topsides to be installed at a water depth of 112 metres for the Ivar Aasen development in the North Sea. The Ivar Aasen project is situated west of the Johan Sverdrup-field in the Norwegian Continental Shelf, 180km west of Stavanger, containing approximately 150 million barrels of oil equivalents.

The contract entails the provision of engineering, procurement and construction of the topside. SMOE will be working with its engineering partner Wood Group Mustang in executing this project.

Facilities on the 13,700-tonne topsides, which are integrated with a 70-men Living Quarters module cum helideck, will include modules for process, gas compression, separation, water injection, flare boom, metering and utilities.

Construction is expected to commence in December 2013 with sail-away scheduled in March 2016. First oil is expected in the fourth quarter of 2016.

SMOE is an offshore engineering and construction company that has attained a reputation as a leading turnkey contractor in the global oil and gas industry through its proven track record of more than 30 years in the construction of offshore fixed platforms, floating production systems, specialised modules and modularisation of onshore LNG plants for a worldwide clientele.

The contract is not expected to have any material impact on the net tangible assets and earnings per share of Sembcorp Marine for the year ending December 31, 2013.

Source: SMOE

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