OSX commits to FPSO conversion

Offshore staff

MONACO -- SBM Offshore has a letter of intent from OSX Brasil to supply an FPSO for deployment on oil fields in Brazil's Campos basin.

The LOI was placed by OSX 2 Leasing. It allows SBM to start project activities, including early engineering and procurement (up to $25 million) concerning the future conversion, supply and installation of the FPSO OSX-2.

A full EPCI contract should be issued within a month.

The floater will be chartered to OGX Petróleo e Gás. First oil is targeted by 3Q 2013.

03/30/2011



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