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SBM wins ExxonMobil FPSO extension – posted by www.equatorialguineaonline.com

posted by www.equatorialguineaonline.com

ExxonMobil has signed a contract extension for an SBM Offshore-operated floating production storage & offloading unit off West Africa.

Eoin O’Cinneide  04 October 2011 08:01 GMT

 

The US supermajor has signed up for another two years with the Serpentina unit off Equatorial Guinea, SBM revealed on Tuesday.

No financial details were revealed for the contract extension.

In addition, SBM revealed that ExxonMobil also holds numerous options to extend the current deal by a further three years.

ExxonMobil signed up for the Serpentina in mid 2003 on a seven-year deal for operations off Equatorial Guinea. In late 2005 the US giant exercised its purchase option over the unit which is designed to handle 110,000 barrels per day of oil and store 1.9 million barrels of crude. The purchase option netted seller SBM a gain of $80 million.

SBM has continued to operate the FPSO.

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