Bluewater Forms Joint Venture with ExxonMobil in Norway to Purchase the FPSO Jotun A.HOOFDDORP, Netherlands -- Bluewater Energy Services B.V. Bluewater (Dyphavet) BV, a member of the Bluewater Group of Companies, and the Norwegian Norwegian associated in some way with Norway. Norwegian buhund, Norwegian sheepdog a medium-sized (26-40 lb), spitz-type dog with a short, dense coat in wheaten, black, red or sable, sometimes with black markings on the face, ears company Standard Marine Nordsjo AS, an affiliate of Exxon Mobil Corporation Exxon Mobil Corporation U.S.-based oil and gas company formed in 1999 through the merger of Exxon Corp. and Mobil Corp. It has investments and operations in petroleum and natural gas, coal, nuclear fuels, chemicals, and ores. , have formed a partnership (PR Jotun DA), for the purchase of the FPSO FPSO Floating Production Storage and Off-loading (shipping & oil industry) FPSO Foster Parent Society of Ontario FPSO Fleet Publication Supply Office Jotun A from its current owners being the participants in the Jotun field development: ExxonMobil Exploration and Production Norway AS, Enterprise Oil Norge AS (being an affiliate of A/S Norske Shell), Lundin Norway AS and Petoro AS. The FPSO, operated by ExxonMobil, has been producing on the Jotun field located in the Norwegian sector of the North Sea since 1999. Terms of the agreement call for its current owners to lease back the FPSO from the newly formed partnership by means of a Bareboat Charter A bareboat charter is an arrangement for the hiring of a boat, whereby no crew or provisions are included as party of the agreement; instead, the people who rent the boat from the owner are responsible for taking care of such things. having a minimum term of five years with the possibility to extend the contract up to 15 years. Bluewater will hold 55% ownership in the FPSO, with Standard Marine Nordsjo AS (SMNAS) holding the remaining 45%. The transaction includes an option for possible transfer of ownership between SMNAS and Bluewater at termination of the lease contract. The Bareboat Charter is expected to continue for the remaining life of the Jotun field, and the field life will be dependent on product prices, costs and other activities in the area. ExxonMobil will continue to operate the FPSO. The FPSO Jotun A has a storage capacity of 584,400 bbl (AFRAMAX size tanker) and was built by Kvaerner Masa (now Aker Finnyards Aker Yards Oy, or Aker Yards' Finnish yards is a Finnish shipbuilding company. It operates three yards in Helsinki, Turku and Rauma, employing some 4,000 people. It is a part of Aker Yards, an international shipbuilding group. ). At its peak the FPSO was processing around 145,000 bbls/d, ranking it among the highest capacity FPSOs in the North Sea. "This is an important step into the Norwegian market for Bluewater," stated Hugo Heerema, President of Bluewater Energy Services B.V. "This vessel was designed and built to a very high standard to withstand the extremely harsh environment of the North Sea. It complies with all the stringent Norwegian regulatory and statutory requirements. Therefore, it is an asset that fits well with Bluewater's strategy of investing in the highest quality FPSOs. As well, Norway has long been recognised as an important oil and gas region, and we are very pleased to enter into this partnership with ExxonMobil in Norway. Bluewater Energy Services B.V. is a member of the Bluewater Group of Companies that has built a technological lead specialising in lease and operation of tanker-based Production and Storage systems, and has become a leading provider of Single Point Mooring MOORING, mar. law. The act of arriving of a ship or vessel at a particular port, and there being anchored or otherwise fastened to the shore. 2. Policies of insurance frequently contain a provision that the ship is insured from one place to another, "and till systems. Bluewater operates worldwide with offices in The Netherlands, United Kingdom, United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Nigeria, Angola, South Africa South Africa, Afrikaans Suid-Afrika, officially Republic of South Africa, republic (2005 est. pop. 44,344,000), 471,442 sq mi (1,221,037 sq km), S Africa. , Singapore and China. |
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